Tax Guru – Ker$tetter Letter

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Tax Free Residence Sales

Posted by taxguru on May 1, 2013

Q:

Hi,

 Reading up on Sale of Principal Residence tax matters.  Do you folks have any insight as to if the $250/$500K exclusion is likely to continue on through 2013?  

I have a couple of houses and am seriously thinking of selling the principal residence due to the favorable tax treatment.

Thanks

 

A:

Even with all of the discussion of different kinds of tax increases, I have seen no mention of eliminating the tax free residence provision, so I would bet that it will be with us for all of 2013.

The more difficult task for you will be to find someone who wants to buy your residence in spite of the looming bankruptcy of the State.

Good luck.

Kerry Kerstetter

 

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