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Archive for the ‘Sale of Principal Residence’ Category.

Selling Your Home for a Big Profit? Here are the Tax Rules

Protax revisits IRC Sec 121- Exclusion of Gain on Sale of Principal Residences-.rules re the 5 year window, the use and ownership tests, the 2 year rule and that the home must be your Main Home. Many homeowners across the country have seen their home values increase in recent years. Accor...

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Tax considerations when selling a home

IRS explains in Tax Tip 2023-81 the application of IRC Sec 121- Exclusion of Gain on Sale of a Principal Residence, $250,000 per spouse--keep in mind that the home must be your Main Home and you must BOTH Own and Live in it or use it for at least 2 years, 34 months or 730 days in the 5 yea...

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