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Richard
Richard, Tax Attorney
Category: Tax
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Experience:  29 years of experience as a tax, real estate, and business attorney.
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My wife and I sold our house in June 2012. What does this

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My wife and I sold our house in June 2012. What does this question mean?

Do you wish to use the available main house sale exclusion dor sales after May 6, 1997.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.


Good afternoon. When you sell your principal residence, you are eligible for an exclusion from capital gains from the sale of your principal residence of up to $250,000 ($500,000, if married). That means that up to $500,000 of gain can be excluded from being taxable, so, yes, you would want to take advantage of this exclusion. You can find a full explanation of this exclusion and the requirements in IRS Publication 523 which you can find at : http://www.irs.gov/publications/p523/ar02.html#en_US_2012_publink1000200709




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Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help!
Richard and 2 other Tax Specialists are ready to help you
Thank you so much for the positive rating! I appreciate having had the opportunity to serve you! If I can be of assistance to you in the future, just look me up and I will be happy to help!

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