Seller's Guide
Lansing Area Real Estate
REAL ESTATE
 
 
Capitol Gains on the Sale of Your Home


Itís Your Money

You donít have to purchase another home with your proceeds. The money is
not taxable income and can spend the money on anything youíd like.

 

Beginning on May 7, 1997 the Taxpayer Relief Act eased, and in most cases erased the capital gains taxes on the sale of a home.

 

When you sell your primary residence, you can make up to $250,000 in profit
if youíre a single owner, or up to
$500,000 if youíre married, and you wonít
owe the Internal Revenue Service a single dollar.


 

There is no limit to the number of times you can use the home sale exemption.
However, each sale must be at least two-years apart in order to fully qualify. A home seller forced to move within two years will still benefit from a
pro-rated adjustment based on the number of months the seller lived in the home.
 

 

Ownership and Use Tests
During the 5-year period ending on the date of the sale, you must have:

 

 
  • Owned the home for at least two years (the ownership test)
  • Lived in the home as your main home for at least two years (the use test)

 

Reporting the Sale
Do not report the sale of your main home on your tax return unless you have a gain in excess of $250,000, if youíre single, or $500,000 if youíre married and this is the principal residence for the both of you.

 

 
REAL ESTATE
Lansing, East Lansing, Okemos, Haslett, Williamston, DeWitt, Bath, Perry, Holt, Mason, Leslie, Dansville
Stockbridge,  Webberville, Grand Ledge, Charlotte, Olivet, Potterville, Eaton Rapids, St. Johns, Laingsburg, Owosso, Portland

1651 West Lake Lansing Road, East Lansing, Michigan 48823 

Office:   517-324-3200
Fax:   517-324-3201
Toll Free:   877-326-3772

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