Posted by Joan Baucom on September 24, 2003 at 12:08:35:
If you’ve owned and used the property for 2 yrs, you are excluded from paying taxes on the gain upto 250k or 500k when married filing jointly. There are some exceptions to the 2 yr rule that you can look at in publication 523 at irs.gov.
Gain from Sale of my home - Posted by Denise Moran
Posted by Denise Moran on September 24, 2003 at 08:08:11:
I am selling my home and need to know if I have to claim and pay taxes on the gain from the sale? I heard there was a once per lifetime where you didn’t have to claim the gain on the sale of a home.