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home sale profit

The proceeds from the sale of a home that is net of mortgages, liens and other selling expenses. Under the Taxpayer Relief Act of 1997 home sale profits of up to $500,000 ($250,000 for single taxpayers) are exempt from capital gains taxes regardless of whether a replacement home is purchased.

Related information about home sale profit:
  1. Capital gains home-sale tax break a boon for owners
    That's because before May 7, 1997, the only way you could avoid paying taxes on your home-sale profit was to use the money to buy another, more-expensive ...
     
  2. New Rules on Home-Sale Profits
    Dec 17, 2008 ... But if you turn your vacation home into your principal residence after 2008, part of the home-sale profit will be taxed. Any gain that occurs during ...
     
  3. Tax Aspects of Home Ownership: Selling a Home - TurboTax® Tax ...
    Though most home-sale profit is now tax-free, there are still steps you can take to maximize the tax benefits of selling your home. Learn how to figure your gain, ...
     
  4. Capital Gains and Your Home Sale | Fox Business
    Jul 11, 2012 ... That's because before May 7, 1997, the only way you could avoid paying taxes on your home-sale profit was to use the money to buy another, ...
     
  5. What is home sale profit? definition and meaning
    Definition of home sale profit: The proceeds from the sale of a home that is net of mortgages, liens and other selling expenses. Under the Taxpayer Relief Act of ...
     
  6. Maine Home Sale Profit Taxed? - Own Maine Real Estate
    Selling Your Maine Home And Wondering About Profit Being Taxed On The Sale Price? Here's The IRS Home Selling Tax Code 523 Tax Code Information.
     
  7. HomeAdditionPlus.com Announces the Launch of its “Home Sale ...
    Jul 14, 2012 ... HomeAdditionPlus.com's “Home Sale Profit Calculator” enables Home Sellers and Real Estate Professionals to Quickly Calculate Net Home ...
     
  8. Home sale profits usually don't create any tax bills for residential ...
    Jul 11, 2012 ... That day the Taxpayer Relief Act of 1997 became law and home sale profit rollover or once-in-a-lifetime exclusion options were replaced with a ...