Here are a few tax tips you should know about when you sell your home:
- You can usually exclude (not report) any profit or gain up to $250,000-$500,000 that you receive from the sale of your home.
- You cannot deduct any loss that you receive from the sale of your home.
- You can only exclude the gain from the sale of your home every two (2) years.
- You must report any gain that you receive from the sale of a property that is not your main home.
If you believe you incorrectly filed a tax return or that you need to file a tax return, feel free to set up a consultation with our office by contacting us at 816-524-4949 or www.hoorfarlaw.com.