Posts Tagged ‘sale of home’

During summer months, 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.  Generally, you have made a profit if the selling price of your home is greater than the price you paid to purchase the home.  That profit, considered a capital gain, is usually subject to income tax.  However, under certain circumstances the law allows you to exclude all or part of that gain from your income – that is, ...