Tax season is around the corner! Here's a helpful tip for our homeowners as you get started on filing:
If you've never sold a house, then you may not know that the IRS allows you to sell your personal residence and exclude up to $250,000 of gains as a single person and $500,000 as a couple. If you've lived there two the last five years, you can take that gain and pay zero taxes on it. Zero. Yes, you can take that money and roll it into your next house that you're upgrading, or you can take it and invest it anywhere. This is a huge tax benefit, and one you definitely need to take advantage of this season!
Want to learn more about how this works? Give us a call - we'd love to share more insights on the benefits of homeownership!
