According to the Internal Revenue Service, you may be able to make up to a $250,000 gain on the sale of your home and not have to pay capital-gains taxes. That figure increases to $500,000 for married taxpayers filing jointly.
To be eligible, your home must have been owned by you and used as your main home for a period of at least two out of the five years prior to its sale. You are eligible for this exemption every time you sell your home, but typically no more than once every two years. Talk to your REALTOR® about additional tax perks associated with selling your home.
