New Tax Bill Retains tax break for Home Sellers

Real Estate

New Tax Bill Retains tax break for Home Sellers

One of biggest benefits for home owners and sellers is the ability to exclude $500,000 ($250,000 for single filer) profit from capital gains tax if they have lived in their home for 2 out of 5 years. There was talk about changing that time period in the new tax bill. But that break has been retained as is. So you could purchase a home, live in it for 2+ years, sell it for a profit up to $500,000 and have that excluded from your taxes. As always, when making decisions about tax planning, consult your tax adviser or an accountant.

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