Video tip on the tax implications of selling your home

Anyone who sells a property needs to pay a capital gains tax on the profit made with the sale.  Unless, that is, you pass the IRS ownership and use test. If you’ve owned a home and used it as your primary residence for at least two years in the five years preceding its sale, you are exempt from the capital gains tax (up to $250,000 for singles and $500,000 for a married couple). Mind you, those two years do not need to be sequential. What you will also find out in this video is that certain conditions may exist ...