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Selling a home and capital gains

Many home sellers worry that they'll owe Uncle Sam if they earn a profit from their home sale. No worries. In 1997, the law was amended in favor of most home sales meaning there's a good chance you will not owe the Internal Revenue Service a dime. Get the information you need about capital gain taxes and tips for avoiding tax when selling your home.

Capital gains home-sale tax break is a boon for most owners

Don't worry about Uncle Sam. Since the rules changed, it's one of the best tax breaks around.
Plus: Don't try to hide your home-sale profit

Including land in the home-sale exclusion

Gain on vacant land adjacent to your home is considered part of your residence if it's used as part of your residence.

Reporting your capital gains (or losses)

When you sell an investment, the IRS wants a Schedule D. This form can be a hassle, but it also could save you some tax dollars.

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Avoiding tax on home-sale profits

You must meet the ownership-and-use test or partial exclusion test to avoid capital gains taxes.

Is the home-sale exclusion safe?

Our expert says that laws giving home sellers a nice tax break are probably safe.

Two homes plus two sales equals capital gains bill

A couple's sales of separate properties are taxing their new marriage. Our expert examines ways to help them reduce the capital gains consequences.


-- Posted: May 20, 2005




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