How do I sell my house without paying gain tax?

Answer 1

You have to live in it for 2 out of 5 years of ownership, and you can only claim one capital gains exemption in those five years. Also, you can only claim $250,000 of the gain if you are single, and $500,000 if your are married filing jointly.

Answer 2

As of last year you were allowed an exemption on the gain from the sale of your personal home of up to $500,000. Providing you owned the house for at least one year.

Now if you are selling an investment property you have to pay taxes on the gain from sale.

Answer 3

Live in it as your primary residence for 2 out of the 5 years prior to the sale. File jointly if you're married. The first $250,000 gain from sale ($500,000 if married filing jointly) is exempt from federal taxes. Most states follow this but check with a local tax professional to be sure.

Answer 4

If you sold your main home, you may be able to exclude up to $250,000 of gain ($500,000 for married taxpayers filing jointly) from your federal tax return. This exclusion is allowed each time that you sell your main home, but generally no more frequently than once every two years.

To qualify for this exclusion of gain, you must meet ownership and use tests.

Ownership Test: During the 5-year period ending on the date of the sale, you must have owned the home for at least 2 years.


Use Test: During the 5-year period ending on the date of the sale, you must have lived in the home as your main home at least 2 years.
If you and your spouse file a joint return for the year of the sale, you can exclude the gain if either of you qualify for the exclusion. But both of you would have to meet the use test to claim the $500,000 maximum amount.

If you do not meet the ownership and use tests, you may be allowed to exclude a reduced maximum amount of the gain realized on the sale of your home if you sold your home due to health, a change in place of employment, or certain unforeseen circumstances. Unforeseen circumstances include, for example, divorce or legal separation, natural or man-made disasters resulting in a casualty to your home, or an involuntary conversion of your home.

If you can exclude all the gain from the sale of your home, you do not report the gain on your federal tax return. If you cannot exclude all the gain from the sale of your home, use Schedule D, Capital Gains and Losses, of the Form 1040 to report it.

Answer 5

Live in it for 2 years. That's all you can do.

Answer 6

if you are in it for 2 years, you wont have to pay taxes up to a $250,000 per person (totals only up to $500,000, and that is if you are married)

Answer 7

I don't think that you can, check with a tax lawyer to be on the safe side.

Answer 8

Why are you better than anyone else,? Pay Your Taxes!!

Answer 9

You can't. Pay your taxes.