3 ms·
up to $250,000 of profit is tax-free You get that exemption once in a lifetime. (If you are married filing together, that's once for both parties.) If your p
by DrScump 9y ago
up to $250,000 of profit is tax-free
You get that exemption once in a lifetime. (If you are married filing together, that's once for both parties.)
If your profit isn't 6 figures, choose this option carefully.
- meritt 9y agoUnder current law, you can take the exclusion every two years: https://www.irs.gov/publications/p523#en_US_2017_publink10008998 https://www.irs.gov/publications/p523#en_US_2017_publink1000... Are you referring to the over-55-once-in-a-lifetime exemption that was replaced in 1997 with the introduction of the Taxpayer Relief Act? https://en.wikipedia.org/wiki/Taxpayer_Relief_Act_of_1997 https://en.wikipedia.org/wiki/Taxpayer_Relief_Act_of_1997
- sulam 9y agoThis is incorrect.