Category: Asesoramiento sobre los Impuestos
Vender su casa
During the year, many people sell their home and move to a new location. Many of those individuals will make a profit on the sale and still will not have to pay a single dime of additional income tax to the IRS.
This exclusion—up to $250,000 for individuals and $500,000 for married taxpayers filing joint returns—is not a once in a lifetime event. The exclusion may be claimed each time that you sell your main home, but generally no more often than once every two years.
|Did I make a profit?|
|I made a profit. Do I qualify to exclude it from my return?|
- Ownership Test: You must have owned the home for at least 2 years in the 5-year period ending on the date of the sale.
- Use Test: You must have lived in the home as your main home at least 2 years during the 5-year period ending on the date of the sale.
If you and your spouse file a joint return and both meet the use test, you normally will be able to claim the exclusion for married couples even if the ownership test is met by only one of you.
|I qualify for the exclusion. How do I report the sale of my home?|
For more details and other important information see IRS Publication 523, Selling Your Home.
|I don't meet both tests. Is there anything I can do?|
For more details and information if you do not meet both tests, see IRS Publication 523, Selling Your Home.