DEAR BOB: My husband and I are both 62. We wish to sell our primary residence now and then sell our beach house after living in it for two years. Are we eligible for the home-sale tax exemption on both sales to avoid the capital gains tax? --Genevieve M. DEAR GENEVIEVE: Your ages are irrelevant for use of the Internal Revenue Code 121 principal residence sale tax exemption up to $250,000 (up to $500,000 for a married couple filing a joint tax return). To qualify, you must own and occupy your primary home at least 24 of the 60 months before its sale. But this tax break can only be used once every 24 months. Purchase Bob Bruss reports online. That means you can use IRC 121 to now sell your principal residence (presuming you meet the ownership and occupancy tests) and avoid tax on up to $500,...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.