Originally Posted by mikeh
I have lived in my home just over 1 year and would like to sell; my tax person (not a CPA) said i could claim a 'one-time capitol gains' break and not have to pay the tax on any profit (profit is less than $50K). Is this true?
it depends; in general, you can exclude up to $250k in profit from the sale of a main home or $500k for a married couple as long as you have owned the home for five years and lived in the home for a minimum of 2 years.so, you need to have lived in the house for at least 24 months in that 5-year period. However,even if you lived in the home less than 24 months, you may be able to exclude a PORTION of the gain. Exceptions are allowed if you sold your house because the location of your job changed, because of health concerns, or for some other unforeseen circumstance