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capital gains taxSmartAsset
•81% Informative
You can exclude some or all of the gain from taxation if you lived in the home for at least two of the last five years .
The IRS typically allows you to exclude part of the profit if not all of it from your taxes.
You may be able to use the entire proceeds from your home sale to purchase another residence without having to immediately pay taxes on the gain.
The capital gains exclusion for primary residences doesn’t apply to vacation homes or investment properties.
Living in the home for less than two of the previous five years means you can't use the exclusion.
A like-kind exchange only delays taxes when you eventually sell the property you exchanged for, that sale will trigger taxes.
VR Score
80
Informative language
77
Neutral language
58
Article tone
informal
Language
English
Language complexity
37
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Hate speech
not hateful
Attention-grabbing headline
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Known propaganda techniques
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Time-value
long-living
External references
15
Source diversity
2
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