During the tax season, the office is also open on Sundays
Important tax reminders for people selling a home
A lot of families move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return. Here are some things that homeowners should think about when selling a home:
Ownership and use
To claim the exclusion, the taxpayer must meet ownership and use tests. During a five-year period ending on the date of the sale, the homeowner must have owned the home and lived in it as their main home for at least two years.
Taxpayers who sell their main home and have a gain from the sale may be able to exclude up to $250,000 of that gain from their income.