Is there a limit on how much profit a person can make when selling a home?
I was wondering this before selling my home in PA which might be worth a hole lot more then when I bought it
3 Responses
Terra B
08 Mar 2010
newmexicorealest
08 Mar 2010
Without paying taxes and meeting the 2 out of 5 year rule it’s 250k per spouse Paying taxes above 250k sky is the limit.
A. Qurius Muse
08 Mar 2010
Yes.
The limit is what the market will bear.
There is no limit on profits–GOD BLESS THE USA!! The only drawback is, if you are single, then after $250,000 profit (and this is after EVERY expense you can think of AND PROVE) then you have to pay capital gains tax, but if you are married, this becomes 500,000!!! Are you looking to invest in more real estate?? You could possibly put off some of that taxation by doing a 1031 exchange….