Up To 1/2 Million Tax Deductible

When Selling Your Home

CB Stairs

The maximum amount of capital gain that can be excluded is $250,000 for single filers or $500,000 for a married couple filing jointly. To qualify for the full exclusion amount, according to IRS Publication 523.

Here's How

If you owned the home for at least 24 months (2 years) out of the last 5 years leading up to the date of sale (date of the closing), you meet the ownership requirement. For a married couple filing jointly, only one spouse has to meet the ownership requirement.


If you owned the home and used it as your residence for at least 24 months of the previous 5 years, you meet the residence requirement. The 24 months of residence can fall anywhere within the 5-year period, and it doesn't have to be a single block of time. All that is required is a total of 24 months (730 days) of residence during the 5-year period. Unlike the ownership requirement, each spouse must meet the residence requirement individually for a married couple filing jointly to get the full exclusion.


If you didn't sell another home during the 2-year period before the date of sale (or, if you did sell another home during this period, but didn't take an exclusion of the gain earned from it), you meet the look-back requirement. You may take the exclusion only once during a 2-year period.


There are some exceptions to this. Please give us a call and we would be happy to talk to you more on this.

Other Deductions

You can deduct the mortgage interest you paid during the tax year on the first $750,000 of your mortgage debt for your primary home or a second home. Claiming mortgage interest can save you money in taxes, even if you are limited in how much interest you can claim.


Standard Deduction for Seniors – If you do not itemize your deductions, you can get a higher standard deduction amount if you and/or your spouse are 65 years old or older.


*We are providing this information as a free client service and we make no warranties or representations as to its accuracy. We strongly recommend that consumers obtain guidance and advice from attorneys specializing in Real Property Tax and/or qualified Real Property Tax professionals.

As of June 2024

For more information call us.