Under certain conditions, a single homeowner may exempt up to how much in gains from the sale of his or her personal home?

Question

Quizplus · Accepted Answer

Under the current tax law, a single homeowner may exempt up to $250,000 in gains from the sale of his or her personal home if they meet certain conditions, such as using the property as their primary residence for at least two out of the previous five years. This means the seller would not have to pay capital gains taxes on up to $250,000 in profit from the sale. The $500,000 exemption is for married couples filing jointly, not for single homeowners. The other options, $300,000 and $125,000, are not valid exemptions under current tax law.

Under Certain Conditions, a Single Homeowner May Exempt Up to How