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Jeremy Phillips
434-221-8196
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Will you have to pay capital gains taxes

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In most cases your home is exempt. The single biggest asset many people have is their home, and depending on the real estate market, a homeowner might realize a huge capital gain on a sale. The good news is that the tax code allows you to exclude some or all of such a gain from capital gains tax, as long as you meet three conditions:

1. You owned the home for a total of at least two years in the five-year period before the sale.
2. You used the home as your primary residence for a total of at least two years in that same five-year period.
3. You haven't excluded the gain from another home sale in the two-year period before the sale.

If you meet these conditions, you can exclude up to $250,000 of your gain if you're single, $500,000 if you're married filing jointly.

It is best for you to consult your accountant to know what is best for your particular situation.

http://www.trulia.com/voices/Home_Selling/We_have_...



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