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, there are exclusions available.
What exclusions are available for capital gains tax?
If you lived in the home for at least 2 of the last 5 years, you may exclude up to $250,000 of gain if single, or $500,000 if married.
Are there any other deductions I should be aware of?
Yes, you can deduct certain selling expenses like real estate agent commissions, repairs, and improvements made to the home.
What if I sell my home at a loss?
If you sell your home at a loss, you generally cannot deduct that loss on your taxes, but there are exceptions for investment properties.
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