Sale of Residence - Real Estate Tax Tips

You may qualify to exclude from your income all or part of any gain from the sale of your main home. Your main home is the one in which you live most of the time.

Ownership and Use Tests

To claim the exclusion, you must meet the ownership and use tests. This means that during the 5-year period ending on the date of the sale, you must have:

  • Owned the home for at least two years (the owership test)
  • Lived in the home as your main home for at least two years (the use test)

If you have any questions, please contact our office.

 

 

Back to List

Client Center

- Individual Clients
- Business Clients
- Client Employee

- QuickBooks

Using Your Client Organizer
How to Review My 1040
Using File Exchange

Go Mobile!

...and get what you need, when and where you need it!

Phone: (717) 464-2951 • Fax: (717) 464-2013
Email: taxpro@Covenant-CPA.com