Your home sale may be free of taxes if you meet certain criteria.
Q. If you’ve sold your primary residence once before, what’s the tax treatment on a second sale? Also, what’s the tax treatment for selling a non-primary residence?before you get in too deep.
You’re probably asking about the capital gains exclusion — the Section 121 exclusion — on a home sale.said Martin Hauptman, partner in the trust and estates and tax law practice groups at Mandelbaum Barrett, P.C. in Roseland. “You’re eligible for the exclusion if you have owned and used your home as your main home for a period aggregating at least two years out of the five years prior to the date of the sale,” he said.
You can take the ownership use test during two different year periods, he said, but you must meet both tests during the“Generally, you’re not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home,” he said. “If you do not meet these tests the gain on the sale is taxed at capital gain rates.”he said.
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