Capital Gains When Selling Your Home

Are you considering selling your home? Here are some things you should know before you start the process.


Understanding Capital Gains When Selling Your Home

A consideration when selling your home is how the process may result in capital gains taxes. This is the tax collected on the profit from selling a property. The difference between the sale price and the original purchase price of your home represents the capital gains. However, the IRS offers a significant exclusion on capital gains from the sale of a primary residence for at least 2 of the past 5 years in the aggregate – $250,000 for individuals and $500,000 for couples filing jointly.


The process of selling your home to can be simplified with advice and guidance from an accountant and experienced real estate attorney. Call Riley & Gutman today if you’re ready to start the transaction.