Did you know you can exclude most, if not all the taxable income from the gain on the sale of your home? The IRS allows a seller to exclude from taxable income a gain of up to $250,000 on the sale of their home (or $500,000 if married filing jointly) if they: owned the home and used it as their 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 us 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.
Contact the Thomas & Kauffman Team today if you would like to buy or sell a home in the Austin metro area – (512) 730-1252 or info@AustinTxHomeSales.com.
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