Tax Tips: Selling your home

If you sell your personal residence and you make a profit, you may not have to pay taxes on all or part of it. You don't have to pay tax on the capital gain of up to $250,000 per spouse, provided that you pass certain tests.

You must have owned the house for at least two out of the last five years. You also must have lived in the house for at least two of the last five years. If you don't fully meet both of these tests, you might still be able to get out of paying tax on at least part of the profit from the sale if you had to sell the house because of a change in place of employment, divorce, natural disaster, or certain other unforeseen circumstances.

More information about the tax reporting rules for the sale of your home can be found in IRS Publication 523, Selling Your Home.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

2017 Tax Reform Impact: What You Should Know

Congress has passed the largest piece of tax reform legislation in more than three decades. The bill will affect the taxes of most taxpayers, but one key point to keep in mind is that for most people, the bill won't affect your taxes for 2017 (the one you file in 2018).

Read More

Brought to you by TurboTax.com

Top 5 Reasons to File Your Taxes Early

Every April, many taxpayers wait until the last minute to file their federal income tax returns. Despite this tendency, there are many reasons to file your taxes early. If you will receive a refund, you may want to submit your return as quickly as possible. Additionally, there are benefits to filing early for those taxpayers who have a balance due.

Read More

Brought to you by TurboTax.com

Video: How to Calculate My Federal Adjusted Gross Income

Many taxpayers earn income from several different sources. In this video, you'll learn how to calculate your adjusted gross income, which will help you deduce how much tax you owe.

Read More

Brought to you by TurboTax.com

Video: Documents Needed to File Income Taxes

Wondering which documents are needed to file your taxes? This video will carefully outline the different forms that will help you complete your taxes.

Read More

Brought to you by TurboTax.com
Read Full Story