Follow the Rules for a Tax-Free Home Sale

Posted by Bonnie Martin Designated Broker on Monday, June 23rd, 2014 at 10:28pm.

houseinhand_voronin_450realtor.com - When you are ready to sell your home you are probably focused on your potential profits, particularly if you plan to buy another home with the proceeds from the sale.

While REALTOR® commissions and other closing costs will impact how much you keep from the transaction, fortunately, if you’re like most sellers, you won’t have to pay a capital gains tax on your federal income tax return on profits up to $250,000 or $500,000 depending on how you file your taxes.

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