AI responses may include mistakes. For financial advice, consult a professional. Learn more Topic no. 701, Sale of your home | Internal Revenue Service
The centerpiece of Topic 701 is the , which allows homeowners to sell their primary residence and exclude a massive portion of their profit from federal income tax: Single Filers : Can exclude up to $250,000 of capital gains. AI responses may include mistakes
To qualify for this exclusion, you generally must meet two main tests within the ending on the date of the sale: AI responses may include mistakes