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carolsommer
Feb 13, 2008, 07:48 PM
do I owe taxes on the gain from my home sale?:confused:
MukatA
Feb 14, 2008, 09:29 AM
You can exclude up to $250,000 of the gain on the sale of your main home if all of the following are true.
During the 5-year period ending on the date of the sale, you must have: Owned the home for at least 2 years and Lived in the home as your main home for at least 2 years. If you can exclude the profit, then you don't need to report the sale.