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Eileen M. Carrero, CPA
Financial Advisor, CPA
Eileen Carrero Financial Services, LLC
Wealth Management, Tax & Accounting
4917 West 144th Place
Midlothian, IL 60445
Phone: 708-489-1035
Fax: 708-489-1036
Email: eileen.carrero@ceterafs.com
Website: www.myecfs.com
September/October 2024
Selling Your Home?
Homeowners who qualify may exclude up to $250,000 of gain ($500,000 for married couples) from the sale of a primary residence.
Eligibility
To be eligible for the capital gains tax exclusion, you must have owned your home and used it as your primary residence for at least two out of the last five years prior to the sale. The exclusion can be claimed once every two years. You’ll pay capital gains tax on any profits exceeding the exclusion amount, so keep accurate records of the purchase price and any improvements made to the property.Exceptions
Because the IRS doesn’t consider certain transfers to be a gain or loss, the exclusion rules don’t apply if you’re transferring a home to a spouse or ex-spouse or the home is a factor in a separation, divorce or the death of a spouse.Partial Exclusion
If the reason for a home sale involves a change in work location, a health issue or an unforeseeable event, the sale may qualify for a partial exclusion. Consult your tax professional for guidance.
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