How Selling Your Home or Rental Property Impacts Your Taxes — and Future Plans

Selling real estate can trigger significant tax consequences—both good and bad. Knowing the rules before you sell can help you maximize profits and avoid surprises. 1. Selling Your Primary ResidenceYou may qualify to exclude up to $250,000 in gains ($500,000 if married filing jointly) if you’ve lived in the home for two of the past five years. This can dramatically …