06.12.2012 - Home values are up, but should you sell?
Many residential real estate markets finally seem to be getting better. In fact, some are getting a lot better. That means there are more people with hugely appreciated homes. If you fit into this category, please donít sell without considering the heavy tax hit that would result. Selling a Hugely Appreciated Home: The Basics: If you sell a hugely appreciated principal residence, your profit will likely exceed the federal home sale gain exclusion. That means part of the profit will be taxed as capital gain (unless you have offsetting capital losses). The maximum exclusion is $500,000 for married couples; $250,000 for singles...............................................Full Article: Source
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