Selling a house? Should you worry about taxes? Is the gain on your home sell taxable?

It depends…Here are some things to consider:

• If you sell your main residence – you can exclude up to $250,000 of the gain from your income ($500,000 if married filing a joint return).

• To qualify for this exclusion, you need to meet ownership and use test. During a five-year period ending on the date of the sale, the homeowner must have owned the home and lived in it as their main residence for at least two years.

• If you own two or more houses, you can only exclude the gains on the sale of your main residence. The gain on other houses is taxable income.

• A loss on the sale of your main home is NOT deductible.