Tips for Selling your Home Income Tax Deductions

Part of the Video Series Advice for Your Income Tax Deductions

Viewing videos requires the latest version of Adobe's Flash Player.
Get the latest Flash player.

Learn what benefits homeowners can exercise in income tax deduction in this free educational video on about understanding your income tax deductions.

Rating:
Views: 765
Comments: 0 (comment now)

Favorited: 0 | Add to Favorites

Tags: Finances, personal finances
Bookmark at:

All Videos in the Series, Advice for Your Income Tax Deductions

Member Comments

Video Transcript

Tips for Selling your Home Income Tax Deductions
Hi we're going to talk a little bit know about selling your home since 1997 a married couple could exclude up to half a million dollars of profit in the sell of there personal residence. The basic rule is to have to being used as your personal residence for 2 of the last 5 years that takes into consideration a situation may have for a brief period of time. In those cases any depreciation's claim while it was a rental must been shown as income but otherwise a married couple could exclude the full $500,000, an individual a single individual limited to $250,000 exclusion. If you don't make the 2 years or several ways that you can beat that depending on the extenuating circumstances of why you had to sell, thank you very much.

About the Expert

Expert: Tom Choisnet He has been in self-employed tax practice for over 40 years and he has been an enrolled agent since 1968. He has prepared over 35000 tax returns. Read More