Did you know you can exclude most, if not all of the taxable income from the gain on the sale of your home? The IRS allows a seller to exclude from his taxable income a gain of up to $250,000 on the sale of his home (or $500,000 if he is married filing jointly) if he:
- owned the home and used it as his principal residence during at least two of the last five years before the sale
- didn’t acquire the home through a 1031 exchange during the past five years
- didn’t exclude a gain on another home sold during the two years before the current sale
To learn more, see: Excluding Gain from the Sale of Your Home Contact me today if you would like a free, no-obligation market analysis (CMA) of your home to see how much you would net from the sale. It might make sense to cash-in on the large equity gain most Austin-area homeowners have seen since the bull market began in spring of 2011. Especially if rising interest rates and inflation damper future price home sales in our area.
March home sales in Austin continue positive trends