January 5, 2024
by Kristi Sullivan
Or is it? I hear a lot of confusion around taxes upon selling a primary residence.
People believe a mash up of rules that include those for selling a rental property or long outdated laws about downsizing as a retiree.
It’s fairly straightforward (as IRS rules go). If you are single, the first $250,000 of profit on the sale of your primary residence is tax free. Profits above $250,000 are taxed at capital gains rates.
For married couples, the tax-free profit is $500,000.
