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  2. Capital gains tax on real estate and selling your home - AOL

    www.aol.com/finance/capital-gains-tax-real...

    If you have lived in a home as your primary residence for two out of the five years preceding the home’s sale, the IRS lets you exempt $250,000 in profit, or $500,000 if married and filing jointly.

  3. Will I Owe Taxes if I Sell My Home? - AOL

    www.aol.com/owe-taxes-sell-home-115700974.html

    What is the capital gains tax exclusion? The tax break for homeowners is called the capital gains tax exclusion. ... You sell the property and realize $1.2 million on the sale, giving you a ...

  4. I'm Selling My House to Net $640k to Downsize for ... - AOL

    www.aol.com/im-selling-house-netting-640k...

    If you net $640,000 from the sale of your longtime home, your capital gains tax bill will depend on a couple of factors: Filing status . This affects how much of the gain you can exclude.

  5. Home mortgage interest deduction - Wikipedia

    en.wikipedia.org/wiki/Home_mortgage_interest...

    In the United States, there are additional tax incentives for home ownership. For example, taxpayers are allowed an exclusion of up to $250,000 ($500,000 for a married couple filing jointly) of capital gains on the sale of real property if the owner used it as primary residence for two of the five years before the date of sale.

  6. Taxpayer Relief Act of 1997 - Wikipedia

    en.wikipedia.org/wiki/Taxpayer_Relief_Act_of_1997

    The act permanently exempted from taxation the capital gains on the sale of a personal residence of up to $500,000 for married couples filing jointly and $250,000 for singles. This exemption applies to residences the taxpayer(s) lived in for at least two years over the last five. Taxpayers can only claim the exemption once every two years. [4]

  7. Profit (real property) - Wikipedia

    en.wikipedia.org/wiki/Profit_(real_property)

    A profit (short for profit-à-prendre in Middle French for "advantage or benefit for the taking"), in the law of real property, is a nonpossessory interest in land similar to the better-known easement, which gives the holder the right to take natural resources such as petroleum, minerals, timber, and wild game from the land of another. [1]

  8. Sold Your Home for Profit? You Might Have to Pay Capital ...

    www.aol.com/finance/sold-home-profit-might-pay...

    Capital gains tax is not only applicable to stock investors -- if you're one of the many who sold their home for a major profit this year, you might owe the IRS. See: 32 Insider Tips for Buying and...

  9. Capital loss - Wikipedia

    en.wikipedia.org/wiki/Capital_loss

    Special wash sale rules apply if the same or substantially similar asset is bought, acquired, or optioned within 30 days before or after the sale. [4] According to 26 U.S.C. §121, a capital loss on the sale of a primary residence is generally tax-exempt. [citation needed]. IRC 165(c) is a stronger source that limits the loss on the sale of a ...