Are There Any Reportable and Taxable Gains For Selling a home?
The tax consequences of selling a house located in the US depend on many factors. The below doesn't apply to you if you were NOT a U.S. tax resident when the U.S house was sold. We will attempt to briefly explain the tax rules that apply when you sell or otherwise give up ownership of a home. Per IRS guidance, if you meet certain conditions, you may exclude the first $250,000 of gain from the sale of your home from your income and avoid paying taxes on it. The exclusion is in