How did the homeowner fare under the latest change in the tax rules?
May I say, Fantastic! The new law allows homeowners to avoid paying taxes on the first $250,000 of profits in a home if they are single, or on the first $500,000 of profits if they are married at the time they sell the home. Because a homeowner can use the exemption repeatedly, so long as he or she lives in each house for at least two years most will never have to pay taxes on profits from home sales. This change exempts over 99% of homes sales from capital gains taxes.
Related Questions
- I downloaded and installed the latest Payroll Tax Subscription Update; however, AccountMate still uses the old federal and state withholding rates when I applied payroll. What did I miss?
- How did the homeowner fare under the latest change in the tax rules?
- What are the tax ramifications to the homeowner for a Short Sale?
