Saturday, February 03, 2007

Real Estate capital gains tax break

My parents recently sold their home, and the tax implications of that sale came up as I was preparing their taxes, so I thought I'd issue a reminder of the current tax law with regard to the sale of your primary residence. It is pretty straightforward: taxpayers filing singly are entitled to $250,000 in profit without paying any tax, and married filers are entitled to $500,000 in profits tax-free. There is no longer any requirement to roll gains into a more expensive home, either. Again, this only pertains to the sale of a primary residence...rental homes don't apply. That generally means that one would have had to live in the home for two of the previous five years to qualify, even if those two years were not consecutive.


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