dave.hoyle@abr-orlando.com
    407-529-4621

ABR Orlando.comABR Orlando.com

Homes to Buy and Homes for Sale in the Orlando and Orange County Community

  • Home
  • Blog
  • Search
    • Featured Properties
    • Easy Search
    • Advanced Search
    • Address Search
    • Map Search
    • Listing ID Search
    • Agent Search
  • Buy
    • Home Buying Orlando
    • Lender Links
      • HomeBridge Financial Services
      • Caliber Home Loans
  • Sell
    • Home Selling Orlando
    • Premium Property Marketing
    • Matterport 3D Virtual Tours
    • STAGING RESOURCES
      • 5 STAR DESIGN CONSULTATION
      • PODS Discount
      • Orlando Home Staging NAR Guide
      • Sherwin Williams Paint Discounts
  • Golf Homes
    • Alaqua Country Club
    • Bay Hill Club
    • Country Club of Orlando
    • Keenes Pointe Golf club
    • Isleworth Country club
    • Sweetwater Golf and Country Club
    • Heathrow and Legacy Clubs
  • Communities
    • Orlando
    • Longwood
    • College park
    • Colonialtown
    • Baldwin Park
    • Winter Park
    • Windermere
    • Oviedo
    • Dr Phillips
    • Apopka
    • Winter Garden
  • About
    • Meet The Team
  • Contact

More Tax Advice

You may qualify to exclude from your income all or part of any gain from the sale of your main home. Your main home is the one in which you live most of the time.

Ownership and Use Tests

To claim the exclusion, you must meet the ownership and use tests. This means that during the 5-year period ending on the date of the sale, you must have:

Owned the home for at least 2 years (the ownership test). Lived in the home as your main home for at least 2 years (the use test).

If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).

If you can exclude all of the gain, you do not need to report the sale on your tax return If you have gain that cannot be excluded, it is taxable. Report it on Schedule D (Form 1040) Loss

You cannot deduct a loss from the sale of your main home.

Worksheets

Worksheets are included in Publication 523, Selling Your Home to help you figure the:

Adjusted basis of the home you sold
Gain (or loss) on the sale
Gain that you can exclude
Reporting the Sale

Do not report the sale of your main home on your tax return unless you have a gain and at least part of it is taxable. Report any taxable gain on Schedule D (Form 1040).

More Than One Home

If you have more than one home, you can exclude gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.

Example One:

You own and live in a house in the city. You also own a beach house, which you use during the summer months. The house in the city is your main home; the beach house is not.

Example Two:

You own a house, but you live in another house that you rent. The rented house is your main home.

Business Use or Rental of Home

You may be able to exclude your gain from the sale of a home that you have used for business or to produce rental income. But you must meet the ownership and use tests.

Example:

On May 30, 1997, Amy bought a house. She moved in on that date and lived in it until May 31, 1999, when she moved out of the house and put it up for rent. The house was rented from June 1, 1999, to March 31, 2001. Amy moved back into the house on April 1, 2001, and lived there until she sold it on January 31, 2003. During the 5-year period ending on the date of the sale (February 1, 1998 – January 31, 2003), Amy owned and lived in the house for more than 2 years.

Amy can exclude gain up to $250,000. However, she cannot exclude the part of the gain equal to the depreciation she claimed for renting the house.

  • This field is for validation purposes and should be left unchanged.

Property Search

Featured Properties

No properties found

See more listings

  • Unlimited Access
  • Free Daily Alert
  • Save Search Criteria and Properties
Sign Up
Already registered
Sign In

New Listings

  • Just listed last 10 days
  • Just listed last 5 days
  • Just listed last 2 days

About Abr Orlando

We love working with Buyers and have worked hard to develop the skills necessary to assist our clients. All of us at Accredited Buyers Representative-Orlando LLC are certified as ABR®’s or working towards that and other NAR Designations to help you find your perfect spot. This short video highlights some of the important benefits of working with an ABR® when buying your next home. Education and Experience produce results for our clients.

ABR Orlando
1936 Lee Road Suite 100
Winter Park, FL 32789
Email: dave.hoyle@abr-orlando.com
Phone: 407-529-4621

  

Client Reviews

Connect With Us

© 2022 · abr-orlando.com
Website & Marketing by Nailsoupmedia.com
Privacy Policy | Terms And Conditions | ADA Policy | DMCA Notice

ADA Compliance: In concurrence with the National Association of Realtors guidelines, The ABR Orlando and it's affiliates are committed to providing an accessible website. If you have difficulty accessing content, have difficulty viewing a file on the website, or notice any accessibility problems, please contact us at 407-529-4621 to specify the nature of the accessibility issue and any assistive technology you use. We strive to provide the content you need in the format you require.

Orlando - Longwood - College Park - Colonialtown - Baldwin Park - Winter Park - Windermere - Oviedo - Dr. Phillips - Apopka - Winter Garden

sitemap - Listings Sitemap