I Sold My House. Can I Exclude the Gain From My Income?

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I Sold My House. Can I Exclude the Gain From My Income?

Clear View Wealth Advisors, LLC, Amesbury, Mass. Steve Stanganelli, CFP®, CRPC®, AEP®, CCFSClear View Wealth Advisors, LLC, Amesbury, Mass.

The size of the gain and your occupancy status for the property sold will determine whether you are free from tax.

The basis is used to calculate your gain. Your basis is the initial purchase price of the property plus any closing expenses incurred at the time. Then there are substantial house upgrades to consider, such as a new kitchen. Include any real estate transaction costs that you paid.

To calculate the gain, subtract the basis from the selling price. If the difference is less than $250,000 (for a single filer) or $500,000 (for those filing jointly), you will not be taxed on any of your gain.

To prove this, you must submit a form with your taxes. You should consult with a knowledgeable tax consultant to establish whether your transaction is exempt.

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