Parts of this article are published with permission from Bradford Tax Institute, © 2021 Daniel Morris, Morris + D’Angelo
With residential real estate markets surging, significant unrealized gains are piling up for many homeowners. That’s good news if you’re ready to sell, but what about the tax implications?
Thankfully, the federal income tax gain exclusion break for principal residence sales is still on the books, and it's potentially a big deal for prospective sellers.
If you’re unmarried, the exclusion can shelter up to $250,000 of home sale gain. If you’re married, it can shelter up to $500,000.
This is Part 2 of our ...