My Hattiesburg

Does Uncle Sam need to know about your Hattiesburg home for sale?

May 22, 2006 on 9:02 am | In Selling a Home |

MSN Real Estate has a nice article on when to report your home sale and when you don’t have to. With the prices of Hattiesburg homes for sale right now, it’s a great article to read to make sure squeeze every bit of tax-free profit out of your real estate. From the article:

You qualify for tax-free profit on your home sale if:

1. You owned and lived in the house for two of the five years leading up to the sale; and
2. You did not sell another house — and claim tax-free profit on the deal — in the two years leading up to the time you sold this house.

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