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Thinking about selling your primary home or already sold it? You might be able to avoid paying taxes on the sale! In this episode, we’ll explain how you can exclude up to $250,000 (or $500,000 if married filing jointly) of the profit from your income by meeting two simple tests—the ownership test and the use test. We’ll also cover key exceptions, disqualifications, and how using your home for business or rental could affect your exclusion. Tune in to learn how to maximize your tax savings when selling your home, and avoid surprises!
By Mission Tax and Financial Services (Voice by A.I.)Thinking about selling your primary home or already sold it? You might be able to avoid paying taxes on the sale! In this episode, we’ll explain how you can exclude up to $250,000 (or $500,000 if married filing jointly) of the profit from your income by meeting two simple tests—the ownership test and the use test. We’ll also cover key exceptions, disqualifications, and how using your home for business or rental could affect your exclusion. Tune in to learn how to maximize your tax savings when selling your home, and avoid surprises!