Selling your home can be both an exciting and stressful time. One added burden can be the tax implications of the sale. While there are not so many sellers reporting huge gains at the moment it’s still good to be aware of all the different tax rules.
Here are 10 tax tips to be aware of when selling your home directly from the IRS.
If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.