irs: Mr Williamsburg.com Principal residence capital gain exclusion - 11/05/07 05:18 PM
For the vast majority of  sellers the basic rules apply and are fairly straightforward: if a seller makes a profit on the sale of their home and they have lived there at least two years in the past five, they will be able to exclude much if not all of their capital gain ($250,000 individual; $500,000 married filing jointly).  Note the amounts refer to the gain, or profit, not to the sales price of the home.  Note also that profit is not necessarily (indeed almost certainly not) the same thing as the amount of seller proceeds shown on the HUD-1.
Basic Rules
Sellers … (0 comments)

 

John Womeldorf

REALTOR, Mr Williamsburg.com ABR, E-Pro

Williamsburg, VA

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Mr Williamsburg/ Liz Moore & Associates

Address: 5350 Discovery Park Blvd., New Town, Williamsburg, Va, 23188

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