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Home
Free Tools For Investors
Helpful Links
About
Contact
Contact Us - Tax Preparer
Home
Free Tools For Investors
Helpful Links
About
Contact
Contact Us - Tax Preparer
Simplified Method Worksheet Primary Home Basis Tracker
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Primary Home Basis Tracker

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Internal revenue code 121 allows a taxpayer to sell their primary home and exclude up to $250k if single, or $500k if married, of Gain tax -free.

It is required that you both own and occupy the home for 2 of the most recent 5 years to qualify.

Tracking your basis in your primary home is important because in the current market it's possible for your Gain to exceed those amounts. Any renovations/improvements done to your primary home increase your basis in the home. The higher your basis, the lower your Gain. As the Gain is calculated by Sale price- selling costs- basis in the home.

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Internal revenue code 121 allows a taxpayer to sell their primary home and exclude up to $250k if single, or $500k if married, of Gain tax -free.

It is required that you both own and occupy the home for 2 of the most recent 5 years to qualify.

Tracking your basis in your primary home is important because in the current market it's possible for your Gain to exceed those amounts. Any renovations/improvements done to your primary home increase your basis in the home. The higher your basis, the lower your Gain. As the Gain is calculated by Sale price- selling costs- basis in the home.

Internal revenue code 121 allows a taxpayer to sell their primary home and exclude up to $250k if single, or $500k if married, of Gain tax -free.

It is required that you both own and occupy the home for 2 of the most recent 5 years to qualify.

Tracking your basis in your primary home is important because in the current market it's possible for your Gain to exceed those amounts. Any renovations/improvements done to your primary home increase your basis in the home. The higher your basis, the lower your Gain. As the Gain is calculated by Sale price- selling costs- basis in the home.

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