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How Does Selling a House Affect My Income Taxes?
How does selling your house affect your income taxes? Well if you sell your house for a loss you don’t’ get to deduct the loss. If you sell your property for a gain you have to pay long term capital gains on the sale of your property, if you’ve lived there for over a year. If you’ve lived there for less than a year well then you have to pay short term capital gains.
If you’ve lived in the property for two out of the past five years and you’ve occupied it two out of the past five years you can exempt up to $250,000.00 of gain. If you owned it as husband and wife you can deduct up to $500,000.00 of gain. So if you sell your house, you can’t take any losses, and if you have a gain and you’ve lived there for two out of the past five years, you can exempt those from your income and you do not have to pay long term capital gains on the sale.
So if you have any questions about selling your home well give me a call at (727)847-2288.