Will He Owe Tax

Expert, localized Los Angeles answers provided by Heather Roy

Will He Owe Tax
	Dear Edith: I paid $25,000 for my house and I could sell it for a quite a bit more. Will I have to pay any income tax on any money over what I paid for it?

	If you own the house and live in it at least two years during the five years before you sell, you can take up to $250,000 in profit with no federal tax due -- twice that if you're married and your spouse has lived there at least two years.
	Edith Originally published on May 6, 2006

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