Did you know that if you sell you home and make a profit of less than $250,000 (or less than $500,000 when you file a joint return with your spouse), and have lived in that house for 2-5 years the IRS doesn’t want to hear about. This is because the profit you make is excluded from being taxed under U.S. Code Section 121.
The IRS grants some other tax deductions for home sellers. Receiving the deductions requires that you itemize your taxes, which means your taxes won’t be easy peezy, but extremely worth your while. Here are five tax deductions you should take this year.
1. Selling costs
2. Moving deduction
3. Property Taxes
4. Improvements Made to Your Home
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