Washington Alert-Part II

…IRS has offered 10 tax tips for taxpayers who plan to sell their home this year. (IRS Tax Tip 2013-24) “Even if you make a profit from the sale of your home, you may not have to report it as income,” the agency said. Among the tips were the following: if a home is sold at a gain, the taxpayer may be able to exclude part or all of the profit from his or her income; a taxpayer normally can exclude up to $250,000 of the gain from his or her income ($500,000 on a joint return); and if a taxpayer can exclude all of the gain, he or she probably doesn’t need to report the sale of the home on a tax return. The tax tips with complete details can be viewed here.

© 2013 Thomson Reuters/RIA. All rights reserved.