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What Are the Tax Issues Associated with a Gain or Loss on a Primary Residence?

April 26, 2017associated gain loss primary Residence tax

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What Are the Tax Issues Associated with a Gain or Loss on a Primary Residence?

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A homeowner may be able to exclude from income a gain on the sale of a primary residence up to $250,000 for a single taxpayer and $500,000 for a joint return. To claim the exclusion, a homeowner must have owned and lived in the property as a primary residence for two of the five years prior to the date of the sale.