: Unlike other investments, you cannot deduct a loss from the sale of your personal residence on your taxes.
: If you used part of your home for business or rented it out, special rules apply that might limit your exclusion. : Unlike other investments, you cannot deduct a
: Can exclude up to $500,000 of capital gains. For deeper details, the IRS provides Publication 523,
For deeper details, the IRS provides Publication 523, Selling Your Home, which includes worksheets to help calculate your specific gain or loss. : You must have owned the home for
: You generally cannot have used the exclusion for another home sale in the two years prior to the current sale. Important "Gotchas" and Nuances
: If your profit exceeds the exclusion limits, you can often reduce your taxable gain by adding the cost of major home improvements (like a new roof or kitchen remodel) to your "cost basis".
: You must have owned the home for at least 24 months (two years).