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Your Home Sale And Capital Gains

By BARRY LISAK
Posted 12/28/20

What is the best tax break available to John and Jane Taxpayer? If they're homeowners, it's selling their home. When you sell your primary residence, you can make up to $250,000 in profit if you're single, $500,000 if you're married and not owe any capital gains tax. Here are some specifics:

Ownership and use tests. To claim the exclusion, you must meet the ownership and use tests. This means that during the 5-year period ending on the date of the sale, you must have:

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