 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 |
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