Pro: Home Sale Exclusion
If you want to move into a smaller or bigger home, then it’s probably time for you to sell your old place- but watch out, you should only do so if you’ve lived there for at least two of the previous five years in order to get a huge tax advantage.
If you are single, or if you are filing separately, then selling your home under those rules will only allow you to exclude $250,000 of the gains from taxation once the house is sold.
However, married couples who are filing jointly get to exclude as much as $500,000 of gains.
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