John M. Hoffman & Associates CPAs

Frequently Asked Tax Questions

Selling your home? 

 

"What is the tax implication of selling my home?" 

If you occupied the home as your principal residence for two of the past five years at the time of sale, $250,000 of the gain on the sale can be excluded from tax. For married filing joint tax payers this amount doubles to $500,000. 

 Please note the 2008 change to this law for situations where the home was used at some point for something other than a principal residence.