Just a little bit of research can sometimes pay off, especially with reference to the IRS and its’ ever-changing regulations. The IRS often allows for very different formulations to occur on your tax returns from year to year. Real estate is certainly no exception and it’s always best to be sure that you maximize your tax potential when filing each year.
The IRS has some helpful tips for taxpayers who are selling their homes. When filing your taxes, you may qualify to exclude all or part of any gain from the sale and that income. There are a variety of things that homeowners should think about when selling a home. Here’s a link to the IRS website concerning the sale of your home. You can also find links to whatever tax forms you may need on their website.