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 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. 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, and especially since Covid ran up home prices. You could then re-leverage the equity into another home and/or investment property. Contact me today by phone/text at (512) 853-0110 or via email at robert@AustinTxHomeSales.com if you would like a free, no-obligation market analysis (CMA) of your home to see how much you would net from the sale.
(512) 853-0110 or robert@AustinTxHomeSales.com
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