What are the tax implications of selling my home?
By Bob Millaway, South Jersey Community Expert & REALTOR®
If you have lived in your home for at least two of the last five years, you can exclude up to $250,000 of capital gains ($500,000 for married couples filing jointly). Gains above the exclusion are taxed as capital gains. Keep records of home improvements, as they can increase your cost basis and reduce taxable gains. Consult a tax professional for your specific situation.
Why It Matters
Understanding tax rules helps you estimate net proceeds accurately and avoid surprises at tax time after your sale.
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