Normally, taxpayers do not have to pay any income tax on $250,000 ($500,000 if married filing jointly) in profit from selling your home. However, if you did not own the home for at least two (2) years of the previous (5) years from selling the home, you may have to pay income taxes on the profits of selling your home without any exclusion.
If you are having tax issues and would like some assistance, contact our law office at 816-524-4949 or visit our website at www.Hoorfarlaw.com.