The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: Tradelite who wrote (3650)	7/30/2002 9:31:23 AM
From: Tradelite	Read Replies (1) of 306849

Received a private msg from Thanh Dao regarding IRS rules governing taxable gain on a home sale, and was asked to post the answer on the thread....so here is some info that might help you, Thanh. Check this IRS website for appropriate publications regarding tax on home sales (including Publication #523 and #530) irs.gov As for your specific question about 2 years vs. 5 years, the general answer is that the $250K capital gains exclusion GENERALLY applies to an individual who has lived in the home for at least 2 out of the last 5 years before it is sold. The exclusion is $500K for a married couple. Certain exceptions and other rules apply, so the IRS publications are the best source of info.

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