Capital gains tax

[Dreamer61]

Does anyone know exactly how the capital gains tax law works when you sell your home? Thanks!

[Bill-n-Brillo]

Here's the info, straight from the IRS:

IRS Tax Topics - Topic 701 Sale of Your Home (http://www.irs.gov/taxtopics/tc701.html)

Hope that helps!

Bill :)

[billlaur]

May I take a Capital Loss on the sale of my house also?

[Bill-n-Brillo]

May I take a Capital Loss on the sale of my house also?

No, not if it's your permanent residence:

IRS - Q & A - Losses (Homes, Stocks, Other Property) (http://www.irs.gov/Help-&-Resources/Tools-&-FAQs/FAQs-for-Individuals/Frequently-Asked-Tax-Questions-&-Answers/Capital-Gains,-Losses,-Sale-of-Home/Losses-%28Homes,-Stocks,-Other-Property%29/Losses-%28Homes,-Stocks,-Other-Property%29)

Bill :)