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    carolsommer's Avatar
    carolsommer Posts: 1, Reputation: 1
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    #1

    Feb 13, 2008, 08:48 PM
    Capital gain tax on home sale
    Do I owe taxes on the gain from my home sale?:confused:
    MukatA's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    Feb 14, 2008, 10:29 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.
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