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Liz Weston: How to reduce taxes when you sell your home


By LIZ WESTON of NerdWallet

Home values have been soaring — but the amount of home sale profit you can shelter from taxes has not. The $250,000/$500,000 exemption hasn’t changed since it was created in 1997, even though median home prices have almost tripled. That means more people face capital gains taxes when selling their homes. You’ll want to use every legal means necessary to minimize taxes, which means understanding exactly how the home sale exclusion applies in your situation, as well as what improvements and other costs could shrink the taxable profit. 

Article Topic Follows: AP National Business

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