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Taxes When You Sell Your Home
The IRS issued guidance on the tax rules surrounding home sales. And it could spell even more savings for you.
 
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Posted 11:03 PM EST August 09, 2008
Posted by: shannonlilly
what happens when you are 25% owner, your spouse is 25% owner and the co-owner is 50% owner and the co-owner lived on the property for more the 5 years. 6 days before she dies from cancer she gives 25% of her half to her daughter. Does my husband and i qualify for the 2 year rule.(principal residence)or does my husband or i have to live there.
Posted 12:40 AM EST January 17, 2007
Posted by: dopsdad
A technicality in the wording makes both incorrect (as it applies to the figure of $50,000). It isn't the sale price less what is owed, it is the sale price less what was paid for the residence. Major improvements such as additions or garages can be added to the original purchase price as well, but it is best to consult a professional for these items as there are limitations and restrictions.
Posted 7:46 AM EST December 21, 2006
Posted by: j762538
Profit is what you make from the sale, the $50,000.
Posted 3:56 PM EST December 12, 2006
Posted by: watchdogtimer
When you say a profit of $250,000 for a single individual, do you mean the sale value of the home, say $325,000, or the sale value minus the money still owed on the home ($325,000 - $275,000 = $50,000)?
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