1Tax Benifits

A homeowner can exclude up to $500,000 of capital gain if married and filing jointly, or up to $250,000 if single or filing separately. The home must have been the taxpayer’s principal residence for two of the past five years.

Beginning May 7, 1997, there is no requirement to purchase another home more expensive than the one sold. Homeowners are free to buy up or down with no tax consequence, assuming their gain is less than the allowable amount.

Property taxes (up to $10,000 annually in addition to State and Local taxes) and qualified home acquisition indebtedness (up to $750,000 for homes acquired on or after 1/1/18)