Choosing Where to Live

questions & answers

Question: Can I get a tax break if I downsize to a smaller home

Answer:

Regardless of your age, if you have owned and lived in your home for two years during the five years before the sale of your home, you are generally allowed up to $250,000 in tax-free profit without owing capital gains tax. If you are married and file a joint return, you would generally be allowed up to $500,000 in tax-free gain from the sale of your home.

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QUESTIONS

  • Can I get a tax break if I downsize to a smaller home

STORIES

  • I just helped my mother, age 89, deal with her Medicare HMO. . .
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  • He told me that I could actually get all the money I needed by using my home as collateral. . .

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