Avoiding Paying Taxes When Selling Your Home: IRS Capital Gain Exclusion
Owning a house is one of the most tax advantageous things a person can do. The IRS and the federal government has made it easy for people to keep their profits when selling a home. While capital gains taxes are anywhere from 15-20%, you can avoid paying any taxes at all when selling your house.
In general you can avoid paying taxes of gains up to $250,000 when single and $500,000 when married on a home sale.
Here is a link to the IRS Publication 523 Selling your home https://www.irs.gov/forms-pubs/about-…
Also Topic 701 Capital gain exclusion for home sale https://www.irs.gov/taxtopics/tc701
This is not tax advice and we are not CPAs. This is general real estate advice. Please contact a tax professional for specific information as to how this affects you personally.