PLLO CERTIFIED PUBLIC ACCOUNTANTS SELLING YOUR HOME If you are planning to sell a home don't neglect to consider the tax consequences. If you are selling your principal residence you may be able to exclude up to $250,000 ($500,000 for joint filers) of gain. Certain requirements such as owning and using the home as your primary residence for two of the past five years must be met. Any gain that does not qualify for the exclusion will be taxed at capital gain rates. Other things to consider include: maintain support for the tax basis (original cost plus any improvements). losses generally are not deductible (there are exceptions), and if you are selling a second home it won't be eligible for the exclusion. It is important to consider tax consequences before selling one of your biggest investments. If you are planning to put a home on the market, we can help you evaluate the possible tax impact. Morgantown, WV 304.554.3371 Charleston, WW 304.343.4126 1 Parkersburg, WW 304.485.6584 www.suttlecpas.com