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Sold The Farm |
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Ms. Lank, Could you please tell me the most recent law for tax exclusion for a first time home sale and could it include the entire farm (as former farmers)? These laws change and I just have not kept up with the current ruling |
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The homesellers’ tax break is no longer first-time or one-time. If you've owned and occupied your home for at least two of the five years before the sale, you can take up to $250,000 (twice that for a married couple) in profit with no federal tax due.
It won’t apply to the whole of your sale, though. A certain portion of your gain will probably be attributable to your own residence, and the rest subject to capital gains tax. You need detailed information from a tax professional about this. |
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Edith
Originally published on October 6, 2006 |
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