- Days left
If you've been living in your house for the last two years and it's only your personal residence (no business use claimed on any tax returns) you can profit up to $250,000 on the sale and still not owe any taxes. If you're married filing jointly, you can profit up to $500,000 without paying any taxes.

If you've lived in your home less than two years and sell it for a profit, you still may not owe any taxes. It will depend on how long you lived there and your reason for selling.

If you've had a home office or used part of the house for rental or other business purposes, you will probably have to report a gain on that portion of the sale and pay taxes on it. But fear not, the portion of the house that was strictly for your personal living purposes will still qualify for an exclusion of profits from your tax returns.

All the details about the tax impact of selling your home can be found in IRS Publication 523.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

Increase your money and finance knowledge from home

Economics 101

Intro to economics. But fun.

View Course »

Intro to Retirement

Get started early planning for your long term future.

View Course »

TurboTax Articles

Tax Aspects of Home Ownership: Selling a Home

Though most home-sale profit is now tax-free, there are still steps you can take to maximize the tax benefits of selling your home. Learn how to figure your gain, factoring in your basis, home improvements and more.

What is Form 1095-C: Employer-Provided Health Insurance Offer and Coverage

The Affordable Care Act, or Obamacare, requires certain employers to offer health insurance coverage to full-time employees and their dependents. Further, those employers must send an annual statement to all employees eligible for coverage describing the insurance available to them. The Internal Revenue Service (IRS) created Form 1095-C to serve as that statement.

What is IRS Form 8379: Injured Spouse Allocation

The Internal Revenue Service (IRS) has the power to seize income tax refunds when a taxpayer owes certain debts, such as unpaid taxes or overdue child support. Sometimes, a married couple's joint tax refund will be seized because of a debt for which only one spouse is responsible. When that happens, the other spouse is said to be "injured" and can file Form 8379 to get at least some of the refund.

Add a Comment

*0 / 3000 Character Maximum