Fresh Start Tax L.L.C. of South Florida is a  local tax specialty firm dealing with income tax, business and corporate tax preparation and planning. We also are IRS and State Tax Representation Experts. 954-492-0088

You can have your tax return ( income or business tax preparation ) prepared and filed through former IRS agents and managers who worked out of the local South Florida IRS offices. 954-492-0088. Free Consults for income tax preparation.

Tax Tips for our clients and potential clients in regard selling your home.

Taxpayers  are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale. Make sure you can prove all sell dates.

If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ,$500,000 on a joint return in most cases. Check with us to make sure.

You will not eligible for the full exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.

If you can exclude all of the gain, you do not need to report the sale of your home on your tax return.

If you have a gain that cannot be excluded, it is taxable.

You must report it on Form 1040, Schedule D, Capital Gains and Losses.

You cannot deduct a loss from the sale of your main home.

Special Note : If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home.

If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.

Call us to find out more, 954-492-0088.

Income Tax Preparation, Former IRS Agents,  Fresh Start Tax LLC , South Florida , Broward & Dade County,  Tax Tips, Selling your Home