Recently, I have come across a few articles on housing that paint a positive picture and future as opposed to what we have been seeing the last few years. So if a home sale is on the horizon for you this summer, then read on (and/or watch this IRS “Selling your home” YouTube vid) for some points to consider from the federal tax side on things.
Besides the video, the IRS offers some good reading on the subject in IRS Publication 523, Selling Your Home. Pub 523 is comprehensive and explains the tax rules that apply when you sell your main home. (In most cases, your main home is the one in which you live most of the time.)
Some of those rules/content include(s):
- Reporting the sale.
- Business Use or Rental of the home.
- Factors used to determine Main home.