What are the tax implications of selling my home?
An example of an AI chatbot conversation about tax implications when selling a home.
What are the tax implications of selling my home?
When you sell your home, you may be subject to capital gains tax on the profit. However, if it's your primary residence, you might qualify for an exclusion.
What is the exclusion amount for primary residences?
If you meet the ownership and use tests, you can exclude up to $250,000 of gain if you're single, or $500,000 if married filing jointly.
Are there any exceptions to this rule?
Yes, exceptions can apply, such as if you sold your home due to a change in employment, health issues, or other unforeseen circumstances.
How do I report the sale on my tax return?
You report the sale on Schedule D and Form 8949 of your tax return. It's important to keep records of your purchase price and any improvements made.
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