With soaring prices and record home equity, you may expect a profit when selling your property. Here’s how to lessen the tax bite.
But these thresholds haven't changed since 1997, and median home sales prices have more than doubled over the past two decades, affecting many long-term homeowners.
"But the two years don't have to be consecutive," said Mary Geong, a Piedmont, California-based CPA and enrolled agent at the firm in her name. For example, if a single filer owns a rental property for 10 years and lives there for two, they may be eligible for 20% of the $250,000 exclusion or $50,000.If homeowners exceed the exemptions and owe taxes, they may reduce profits by adding certain home improvements to the original purchase price, known as basis, Schultz explained.
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