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.

Your resource on tax filing
Tax season is here! Check out the Tax Center on AOL Finance for all the tips and tools you need to maximize your return.
What is a Schedule K-1 Tax Form?
The Schedule K-1 is slightly different depending on whether it comes from a trust, partnership or S corporation. Find out how to use this tax form to accurately report your information on your tax return.
Read MoreBrought to you byTurboTax.com
Business Use of Vehicles
If you use vehicles in your small business, how and when you deduct for the business use of those vehicles can have significant tax implications. It pays to learn the nuances of mileage deductions, buying versus leasing and depreciation of vehicles. Special rules for business vehicles can deliver healthy tax savings.
Read MoreBrought to you byTurboTax.com
How to Change Your Tax Filing Status
Choosing your filing status is an important first step for preparing your federal tax return. Your filing status determines your standard deduction, tax rates and brackets.
Read MoreBrought to you byTurboTax.com
A Guide to Self-Employment Taxes for Contractors, Freelancers, and Beyond [Infographic]
If you work for yourself and don't call anyone your boss, you're likely self-employed. This carries advantages, like not having a manager and deciding your own hours. But it also comes with trade-offs, like paying the self-employment tax and paying for your own employee benefits.
Read MoreBrought to you byTurboTax.com