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The content of “Frequently Asked Tax Questions” is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.


If you would like more information on any tax concern, or if you would like to be on our mailing list to receive tax news and planning ideas, please contact us.


  1. BulletIs the sale of my residence taxable?


That depends on the amount of profit from the sale. Single taxpayers can exclude from tax up to $250,000 of profit on a home sale and married couples can exclude up to $500,000. To take the full exclusion, you must generally have owned and used the home as your principal residence at least two of the five years prior to its sale. Also, you can't use the exclusion more than once every two years. A reduced exclusion may apply in some cases. Call us for details.