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To qualify for this exclusion, you generally must meet two main tests within the ending on the date of the sale:

In federal taxation, specifically addresses the Sale of Your Home , a critical subject for anyone looking to understand the tax implications of selling a primary residence. The $250,000 / $500,000 Exclusion To qualify for this exclusion, you generally must

: Unlike other investments, you cannot deduct a loss from the sale of your personal residence on your taxes. : You generally cannot have used the exclusion

For deeper details, the IRS provides Publication 523, Selling Your Home, which includes worksheets to help calculate your specific gain or loss. To qualify for this exclusion

: You generally cannot have used the exclusion for another home sale in the two years prior to the current sale. Important "Gotchas" and Nuances

: If you used part of your home for business or rented it out, special rules apply that might limit your exclusion.