East Bay Business Daily

What is the allowable capital gain on the sale of my primary residence before I have to pay capital gain tax?

I've heard that for selling my primary home that I've owned for some time, I can make a $500K profit before having to capital gain taxes, is that correct?

Public Comments

1. If you are married and lived in and owned the house two of the five years before you sell, the first $500,000 in gain is tax free. It is $250,000 if you are single.