: You must have lived in the home as your main residence for at least 24 months .

: If your spouse passed away, you may still qualify for the full $500,000 exclusion if the sale occurs within two years of their death and other criteria are met.

AI responses may include mistakes. For financial advice, consult a professional. Learn more Topic no. 701, Sale of your home | Internal Revenue Service

The centerpiece of Topic 701 is the , which allows homeowners to sell their primary residence and exclude a massive portion of their profit from federal income tax: Single Filers : Can exclude up to $250,000 of capital gains.

: Unlike other investments, you cannot deduct a loss from the sale of your personal residence on your taxes.

In federal taxation, specifically addresses the Sale of Your Home , a critical subject for anyone looking to understand the tax implications of selling a primary residence. The $250,000 / $500,000 Exclusion