Reported 22 days ago
When selling a primary residence, homeowners can exclude up to $250,000 (single) or $500,000 (joint) from capital gains taxes, meaning a profit of $800,000 would still incur some tax liabilities on the remaining amount. To qualify for this exclusion, homeowners must have owned and used the home as their primary residence for at least 24 of the last 60 months. It's advisable to consult a financial advisor for strategies when planning to sell a home and downsize in retirement.
Source: YAHOO