The law lets you sell your home tax-free if you meet certain requirements. The home must have been owned and used as your principal residence for at least two of the five years prior to the sale. Couples can enjoy up to $500,000 of tax-free profits from a home sale, while singles qualify for up to $250,000 of tax-free gain.
To the extent possible, time home sales to meet the requirements in order to enjoy tax-free profits.
Gilliland & Associates, PC is a full-service CPA firm specializing in tax planning for individuals and businesses in the Northern Virginia area. We are based in Falls Church, VA and also service clients in McLean and Tysons Corner, VA. Gilliland & Associates is known for our superior knowledge and aggressive interpretation and application of tax laws. We help you keep more of your earnings by finding you the lowest possible tax on your business or personal tax return. You can connect with us on Google+, LinkedIn, Facebook, and Twitter.