Straight Talk About Real Estate

Did you know you don’t have to be husband and wife to claim the $250,000 tax-free profit when you sell your principal residence? And there is no limit to the number of $250,000 exemptions if each co-owner qualifies.

For example, if three friends are on title and claim the house as their principal residence at least 24 of the 60 months before the sale of the property, each could claim $250,000 profit. That’s $750,000 in tax-free sales profit. As price of homes escalates, it is not difficult to realize such a gain. For furthur details, consult your tax advisor.