6 Tax Facts helping Ventura County Home Sellers

  • If you’ve owned and lived in your Ventura County Home for two of the five years prior to selling it. You can generally exclude up to $250,000 of the gain from your income ($500,000 on a joint return, in most cases).
  • You are not eligible for the exclusion if you sold another principal residence within the past two years and excluded the allowable gain from your income
  • You cannot deduct a loss from the sale of your primary residence.
  • If you have a gain on your principal residence that exceeds that allowable deduction, it is taxable.
  • Special rules apply when you sell a home for which you received first time-home buyer credit. Refer to IRS publication 523, Selling your Home, for more details.
  • If you can exclude ALL of the gain from the sale of your primary residence, you don’t need to report the sale on your tax return.

TaxRelief

Thinking of selling your Ventura County home? Please contact me, so I can help you get the highest price that the market will bear for your home. I do hope this post sheds some light on the various tax issues that come up when selling a home.

In full disclosure, I am not a tax professional. These tax facts helping Ventura County Home Sellers are general information and it is always advised that one contact a tax professional to discuss your specific tax situation.

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