A 9-Part Guide To Tax Planning For Homeowners

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Part 2 – Know Whether Or Not You Qualify For Exclusions

A 9-Part Guide To Tax Planning For Homeowners

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For a couple, this could be $500,000 if filing a joint return. No doubt being able to exclude as much as $500,000 of the gain can make an enormous change in regards to your tax liability and for many, that is the best option. There are a few basic rules and guidelines that should be followed in order to make sure you qualify for the exclusion.

The home must be your main residence and you will need to own and occupy it. First of all, you are required to have occupied the property for 2 of the last 5 years. Secondly, you are only allowed the exclusion one time every pair of years. Even though there have been quite a few changes in the tax code for planning, most people are not aware that they have been altered.

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