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You can sell your primary residence and avoid paying capital gains taxes on the first $250,000 of your profits if your tax-filing status is single, and up to $500,000 if married and filing jointly.
If you’re selling your home in 2025, you might wonder why the capital gains tax exclusion for your primary residence—$250,000 if you’re single, $500,000 for couples—remains unchanged from ...
Tax exclusion on home sale profits: One of the key benefits is the ability to exclude $250,000 of profit from the sale of a primary residence from capital gains taxes. Joint filers (such as ...
The exclusion is calculated in a pro-rata manner, based on the number of years used as a residence and the number of years the house is rented-out. [54] [55] [56] For example, if a house is purchased, then rented-out for 4 years, then lived-in for 3 years, then sold, the owner is entitled to 3/7 of the exclusion. [57]
The $600,000 estate tax exemption was to increase gradually to $1 million by the year 2006. As inherited assets are automatically revalued to their current or "stepped-up" basis, any capital gains are permanently exempted from taxation. Family farms and small businesses could qualify for an exemption of $1.3 million, effective 1998. Starting in ...
In highly appreciating markets, people may take the opportunity of selling their personal residence (where no capital gain is due below $250,000 for a single person or $500,000 for a married couple—see Taxpayer Relief Act of 1997) and moving into a former rental property for a specified time period in order to turn it into their new personal ...