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How Much In Taxes Will I Owe When Selling My Home?

Source: forbes.com - Dec 7, 2018

The rules for taxation of a home sale are pretty clear cut, yet we continue to see much confusion around this topic. Perhaps this is because so few people actually end up owing taxes when they sell their primary residence. Another reason for the confusion may be how rarely people buy and sell a home.

We have seen changes to the mortgage deduction in 2018. Those changes included reduction in the amount of a mortgage you can deduct and changes to tax breaks for home equity lines of credit. However, there are no changes to the taxation on the sale of a home. Here is what you need to know about taxation when you sell a home.

Can you sell your home tax free?

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Category: General Business