Tax time rolls around each year. Unless you want more of your income to go to taxes, make certain you use … More
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Summary: Learn what benefits homeowners can exercise in income tax deduction in this free educational video on about understanding your income tax deductions.
Tom Choisnet was born, raised, and educated in San Bernardino, California where he has his practice today. He has been in self-employed tax practice for over 40 years and he has been...read more
"Hi we're going to talk a little bit know about selling your home since 1997 a married couple could exclude up to half a million dollars of profit in the sell of there personal residence. The basic rule is to have to being used as your personal residence for 2 of the last 5 years that takes into consideration a situation may have for a brief period of time. In those cases any depreciation's claim while it was a rental must been shown as income but otherwise a married couple could exclude the full $500,000, an individual a single individual limited to $250,000 exclusion. If you don't make the 2 years or several ways that you can beat that depending on the extenuating circumstances of why you had to sell, thank you very much."
eHow Article: Tips for Selling your Home Income Tax Deductions
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.