Your first $250k in gain ($500k for a married couple) on the sale of your primary residence is tax-free.The biggest problem is homes/land. I bought my house 2 years ago and it has doubled in value. I’m not selling but my neighbor across the street just did for twice what I paid. Theoretically I would owe tax on that gain. I don’t have that kind of money laying around. Would have to sell my house, as I feel most everyone I know would as well.
Reducing or Avoiding Capital Gains Tax on Home Sales
Capital gains taxes on real estate and property can be reduced or not assessed when you sell your home, up to certain tax limits, if you meet the requirements.




