JEANNE REARDON - Attorney at Law
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Why a Home Buyer Needs Title Insurance
Joint Ownership of Real Property in New York
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Will I Pay Capital Gains Taxes on the Sale of My Home
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Real Estate Law Blog

Capital Gains Tax

Will I Pay Capital Gains Taxes on the Sale of My Home

Will you pay tax on the sale of your home? Likely not, unless you have gains that are more than $250,000 or more than $500,000 for married couples.

Old Rule:
Until 1997, once you reached the age of 55, you had the one-time option of excluding up to $125,000 of gain on the sale of your home providing it was your primary residence.

New Rule:
Now, anyone, regardless of age, can excludeup to $250,000of gain or $500,000 for a married couple filing jointly on the sale of a home.

That means most people will pay no tax unless they have lived there for less than 2 out of the last 5 years