Have a Tax Question? Ask a Tax Expert
Hi, my name is Mark. I will be happy to help you with your questions. Did you live in the home? How long did you own the home?
If you lived in the home for at least 2 out of the past 5 years you would be able to exclude a gain of up to $250,000. Do you expect the gain will be greater than $250,000?
Since your gain is below $250,000 (I am assuming that you were on the title), the entire gain would be tax free.
Yes, you would not owe federal or state taxes. The entire amount would be excluded from taxes.
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