If you owned and lived in the home for two of the five years before the sale, then up to $250,000 of profit is tax-free. If you are married and file a joint return, the tax-free amount doubles to $500,000. The law lets you "exclude" this much otherwise taxable profit from your taxable income. (the key factor is that on their federal tax returns, t...
Read MoreIf there is one thing that most home sellers fail to do before listing their home for sale it is to have a home inspection. According to the U.S. General Accounting Office, more than 85% of home buyers who applied for a mortgage also requested an inspection — not too surprising, since home inspections reveal hidden flaws and potentially pricey re...
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