Articles - Real Estate Residential

Changes in the tax law regarding the sale of a home

Effective May 6, 1997, tax treatment for capital gains realized on the sale of a residence has become more favorable. An individual who has lived in a home for at least two of the past five years is entitled to an exclusion from taxes of the first $250,000 from the sale of the home. Married couples can exclude $500,000 in profit. Furthermore, this exclusion can be used more than once.

For more information on Real Estate, read our article: "As Is" Isn't Always What It Seems!.

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