The most relevant tax laws concerning home sales are now explained in one place, thanks to an article published by tax preparation planner Frank Ellis on the Lawyer’s Legal Forms website.
Traverse City, MI -- (SBWIRE) -- 08/08/2016 -- Tax specialist Frank Ellis has published the article "Tax Laws for Selling Your Home" on the Lawyer's Legal Forms website. It reveals that, under certain circumstances, taxes don't have to be paid when one sells their home. The author reveals facts such as exclusion of capital gains, in which the gains from the sale can be excluded. A couple of eligibility requirements are mentioned, and are pretty specific.
The author also explains exceptions, such as those by military members, working with the government, or have disabilities. A link to a tax document explaining these exceptions is provided. An exclusion limit is detailed as well, the maximum amount which is $250,000 for a single return. For joint returns, it is double that. Ellis also says home sellers may not have to report the sale when filing, if the gain itself is not taxable.
To clear things up, it's stated when a seller is required to report a sale, and the form they would use to do so. The exclusion frequency limit is highlighted. One can exclude gains from a main home every two years, but given specific conditions. Gain exclusions are only possible for one's main home, and the author also reveals the first time homebuyer credit as a viable option to take advantage of special rules.
Ellis also mentions deductions related to homes sold at a loss, and how to file changes in address. The form needed to do so, and how to report moves to health insurance, are mentioned as well.
The article closes with a mention and link to TurboTax software. To learn more about the tax laws one must consider when selling a home, visit http://www.lawyerslegalforms.com/uncategorized/tax-rules-for-selling-your-home/.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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