by CPA | Oct 18, 2018 | CPA Services, Real Estate CPA, Rental Real Estate CPA
According to the CPA Journal, Home sellers can exclude (not defer) up to $250,000 of housing profits from capital gains tax; married couples who file a joint tax return can exclude up to $500,000 of housing gains. In the case of a married couple, either or both...
by CPA | Aug 4, 2017 | CPA Services, Real Estate CPA, Rental Real Estate CPA
According to the IRS, homeowners may qualify to exclude from their income all or part of any gain from the sale of their main home. Taxpayers can exclude up to $250,000 ($500,000 Married Filing Jointly) of gain on the sale of a homeThis is known as the Section 121...
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