Tax Benefits of Owning and Selling Your Home… : Evelyn's Sunshine Realty Blog
 
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Tax Benefits of Owning and Selling Your Home…

by Evelyn Krazer on 02/07/11

Something to keep in mind if you are considering selling your primary residence:  Perhaps the greatest tax benefit of owning a home comes when a person sells it at a profit. Homeowners who lived in their home for two of the prior five years prior to its sale need pay no income tax on a substantial amount of their profit -- $250,000 for single homeowners and $500,000 for married homeowners who file jointly. This exclusion can be used once every 24 months.

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