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Real Estate

Tax Implications of Selling a House

If you’ve sold your home, there are a few things you’ll need to know about how the sale affects your tax return

Before selling your home

If you are getting ready to sell your home, you’ll need to calculate the basis of your property for tax purposes. If you have saved Form HUD-1, replaced with the Closing Disclosure form in 2015, from when you bought or sold the house, add attorney fees, survey costs, agents’ commissions, title search costs, recording fees, and the transfer and stamp taxes you paid to the price of the property. You should also add the cost of improvements to the property. 


If you’re getting ready to sell your home, you’ll need to calculate the basis of your property. You can add various costs related to the sale of your home you paid when you bought or sold the property.

After you sell

If you sold your main home this year and you owned and lived in it for a total of two of the last five years, your profits may be tax-exempt. If you are single, up to $250,000 of profits may be tax-free; if you’re married, that number jumps to $500,000.  You don’t have to own the home and live in the home for the same time frame during the five-year period.

If you didn’t own or live in the home for two of the last five years, you may still be able to use a prorated exclusion amount in certain cases (e.g. if you move for work). The excludable amount is modified when a portion of the home is used for business purposes.

Why Jackson Hewitt®?

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Our Tax Pros will answer your questions, provide tax tips, and help you get smarter about your money.

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Jackson Hewitt is a leader in the tax industry, having prepared millions of tax returns in more than 35 years.

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We’re committed to helping you, fast and efficiently. Taxes done how you want and when you want.