Depending on where you live, you may see “for sale” signs dotting the landscape. Spring and summer are the optimum seasons for selling a home. So it’s a good time to review the tax implications. If you’re selling your principal residence, you can exclude up to $250,000 ($500,000 for joint filers) of gain, so long as you meet certain tests. For example, you must have owned the property for at least two years during the five-year period ending on the sale date. A loss generally isn’t deductible, but if part of your home is rented out or used exclusively for your business, the loss attributable to that portion might be. Contact us with questions.
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