Reported 12 months ago
When selling your primary residence, you can exclude up to $500,000 of the gain if filing as a married couple and meet conditions for a long-term capital gain, possibly avoiding taxes. Filing singly allows for a $250,000 exclusion, but taxes may be owed on the remainder. Individual circumstances and tax strategies can affect the final tax amount. It's advisable to consult a financial advisor for personalized advice on navigating tax implications.
Source: YAHOO