Have you considered selling your primary home, but are unsure of the tax implications of the sale? Most homeowners do not take the necessary steps to prepare themselves of the possible tax burden of selling their home.
If you have lived 2 of the last 5 years in your home, you may qualify for a home sale exclusion. Even if you do not fully qualify for the exclusion, there is a partial exclusion that can be claimed. These exceptions only apply to your personal home, and will not help you avoid any tax on the sale of a second home or vacation property. Read more here or give us a call at Tax Solutions!