Huge Tax Exemption from the IRS 2022

18 Oct 2022

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YouTube explainer (Neel Dhingra) describing the IRS capital-gains exclusion for home sales: married couples filing jointly can exclude up to $500,000 of profit, single filers up to $250,000, provided the seller lived in the home as their primary residence for at least two of the five years before the sale.

Questions this video answers

$500,000

$250,000

Lived in the home as the primary residence for at least 2 of the last 5 years.

Here's how you can avoid taxes on up to a half million dollars. Now, this may sound crazy, but I'm telling you, it's legit. The IRS has a massive tax exemption for people who sell their home for a profit. For a married couple that files their tax return together, you can have up to a half a million dollars of gains and it will be completely tax free. Now, if you're single, the limit is $250,000. The rule is you have to have lived in this home as your primary residence for at least two of the last five years.