801 West Bay Drive Suite 707 Largo, FL 33770

(727) 210-7795
marc.delia@premierplanninginc.com
Download Brochure
Premier Planning Partners Home
Premier Planning Partners Home
  • Home
  • About Us 
    • Meet Our Team
    • Financial Planning Philosophy
    • Business Philosophy
    • Investment Philosophy
  • Services 
    • A Blueprint for Business Succession Planning
    • Comprehensive Financial Planning
    • Levels of Partnership
  • Our News 
    • Premier Insights
  • Resources 
    • Retirement
    • Estate
    • Investment
    • Insurance
    • Tax
    • Money
    • Lifestyle
    • Glossary
    • Tax Resources
  • Contact
  • Account Access 
    • Client Login
    • Wealth Management Platform
    • American Funds
    • Lincoln Financial Group
    • Midland National
    • Nationwide
    • Ohio National
    • Symmetry Partners
Download Brochure
Tax

Capital Gains Tax When Selling Your Home

In the center there is a small house with a red roof surrounded by trees with the sun peeking over the horizon. Behind it is a dark blue circle with the words “Capital Gains Tax: When Selling Your Home.” The background is light blue with an arrow pointing down under the house. In the foreground of the house, there is a “For Sale” sign out front. Below the house there is text that reads: When you sell your home, you may be liable for capital gains tax if it has appreciated in value over your ownership period.n the center there is a small house with a red roof surrounded by trees with the sun peeking over the horizon. Behind it is a dark blue circle with the words “Capital Gains Tax: When Selling Your Home.” The background is light blue with an arrow pointing down under the house. In the foreground of the house, there is a “For Sale” sign out front. Below the house there is text that reads: When you sell your home, you may be liable for capital gains tax if it has appreciated in value over your ownership period.In the center there is a family who is moving houses. There is a mother crouching next to two boxes on the left hand side, a daughter holding a house plant in the middle, and a father holding a box while standing up. Behind the mother there is a dark blue circle with wedding rings and sparkles. And behind the father there is a light pink circle. The background is light blue with an arrow pointing down below the family. Below the family there is text that reads: Married homeowners pay no tax on the first 500,000 dollars of profit on their home. (250,000 dollars for single homeowners).In the center there is a family who is moving houses. There is a mother crouching next to two boxes on the left hand side, a daughter holding a house plant in the middle, and a father holding a box while standing up. Behind the mother there is a dark blue circle with wedding rings and sparkles. And behind the father there is a light pink circle. The background is light blue with an arrow pointing down below the family. Below the family there is text that reads: Married homeowners pay no tax on the first 500,000 dollars of profit on their home. (250,000 dollars for single homeowners).In the center there is a person wearing overalls and a painter’s cap. They are painting the background as the color transitions from blue to orange with an arrow below the painter. Pictures of mountains and flowers are hanging on the wall on the left hand side. On the right hand side there is a hammer and screwdriver floating. There is also a bureau placed below the tools and a houseplant in the foreground. Behind these images are bright orange and yellow oval shapes. Below the painter there is text that reads: To qualify, you must meet both the ownership test and the use test. That means you’ve owned and used the house as your main home for at least two out of the last five years, before the sale. You can only use this exemption once every two years. When calculating your profit, you may also add the costs and cost basis for any home improvements.In the center there is a person wearing overalls and a painter’s cap. They are painting the background as the color transitions from blue to orange with an arrow below the painter. Pictures of mountains and flowers are hanging on the wall on the left hand side. On the right hand side there is a hammer and screwdriver floating. There is also a bureau placed below the tools and a houseplant in the foreground. Behind these images are bright orange and yellow oval shapes. Below the painter there is text that reads: To qualify, you must meet both the ownership test and the use test. That means you’ve owned and used the house as your main home for at least two out of the last five years, before the sale. You can only use this exemption once every two years. When calculating your profit, you may can also add the costs and cost basis for any home improvements.In the center there is a “For Sale” sign that has a “Sold” sign pasted over it. Two hands are shaking in the foreground inside a dark blue circle. The background is orange with an arrow below the sign. Below the sign there is text that reads: This illustration is for informational purposes only and is not a replacement for real-life advice regarding capital gains taxes when selling your home. Make sure to consult your tax professional if you have questions about how capital gains may apply in your situation.In the center there is a “For Sale” sign that has a “Sold” sign pasted over it. Two hands are shaking in the foreground inside a dark blue circle. The background is orange with an arrow below the sign. Below the sign there is text that reads: This illustration is for informational purposes only and is not a replacement for real-life advice regarding capital gains taxes when selling your home. Make sure to consult your tax professional if you have questions about how capital gains may apply in your situation.Source: IRS.gov, October 7, 2022.Source: IRS.gov, October 7, 2022.

Have A Question About This Topic?

Thank you! Oops!

Related Content

Retirement Realities

Retirement Realities

Many pre-retirees can become focused on the “ideal” retirement, but turning that dream into a reality can be tricky. This content piece was written to help clients manage their expectations while maintaining optimism for the future.

How Much Home Can I Afford?

How Much Home Can I Afford?

With a few simple inputs you can estimate how much of a mortgage you may be able to obtain.

A Living Trust Primer

A Living Trust Primer

Living trusts are popular, but their appropriateness will depend upon your individual needs and objectives.

Contact

Office: (727) 210-7795

Fax: (727) 245-6900

801 West Bay Drive

Suite 707

Largo, FL 33770

Send an Email

Quick Links

  • Retirement
  • Investment
  • Estate
  • Insurance
  • Tax
  • Money
  • Lifestyle
  • All Articles
  • All Videos
  • All Calculators
  • All Presentations

Check the background of your financial professional on FINRA's BrokerCheck.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information.

Copyright 2023 FMG Suite.

Terms of Service | Privacy Policy

This website is for educational or informational purposes. It is not intended as investment, legal, retirement or tax advice.

Securities and advisory services offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC.

The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.