: You must have owned the home for at least 24 months (two years).
To qualify for this exclusion, you generally must meet two main tests within the ending on the date of the sale: : You must have owned the home for
The centerpiece of Topic 701 is the , which allows homeowners to sell their primary residence and exclude a massive portion of their profit from federal income tax: Single Filers : Can exclude up to $250,000 of capital gains. : If your spouse passed away, you may
For deeper details, the IRS provides Publication 523, Selling Your Home, which includes worksheets to help calculate your specific gain or loss. : If your spouse passed away
: If your spouse passed away, you may still qualify for the full $500,000 exclusion if the sale occurs within two years of their death and other criteria are met.