Home Gain Exclusion

selling your home

Sold or Thinking of Selling Your Home?

In spite of (or in some cases, because of) the COVID-19 pandemic, and with near-record-low home mortgage interest rates, the housing market has been booming. September 2020 existing home sales were up 9.4% from August 2020 and 20.9% from 2019, according to the National Association of Realtors. If you sold your home this year or are thinking about selling it, there are many tax-related issues that could apply to that sale. To help you prepare for reporting the sale you may have already made or make you aware of what issues you may face if you are in the “thinking about” stage, this article covers the tax basics and some special situations related to home sales and the home-sale gain exclusion.

Thinking of Converting Your Home to a Rental? Read this First

If you are considering converting your home to a rental, there are a number of tax issues you need to consider before making a final decision.

What You Should Consider Before Converting Your Home to a Rental

One of the first issues to consider is that by converting your home to a rental, your main home that is, you may give up an opportunity to realize tax-free income. Currently, taxpayers are allowed to

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