Tax considerations and capital gains
This is general education, not tax advice. Here are key topics to ask your tax professional before you list so there are no surprises at filing time.
Primary home exclusion basics
- Many sellers can exclude up to a set amount of gain on a primary residence if ownership and use tests are met.
- Time away from the home, prior exclusions, or major life changes can affect eligibility.
Records that help
- Closing statements from purchase and sale, plus major capital improvements.
- Depreciation records if the home was ever a rental or had a home office.
- Property tax statements and any energy or mitigation credits.
Timing notes
- Discuss your target list and close dates with your tax pro before signing.
- Estimate net proceeds after fees and loan payoff to plan moves or exchanges.
- If selling investment property, consider whether a like kind exchange may fit your goals.