The Carvajal Group Blog

Will you be taxed for the gain on the sale of your home property?

December 4th, 2009

When individuals and families sell their homes, they oftentimes incur a gain on the sale. While this gain is usually a boost to their disposable income, they may be taxed on a portion of the gain.

In most circumstances, individuals are allowed a $250,000 exemption and married couples are allowed up to a $500,000 tax exemption on their gain. However, this exemption may only be used for home sales once every two years and is subject to other requirements.

If you are looking for Austin real estate or want more information regarding the exemption on home sale gains, visit the Austin homes of the Carvajal Group at 512-419-7770.

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