Tax season is here! Not sure what to expect when selling your home? RisMedia claims that the amount of taxes you're responsible for depends on the length of time you've spent in your home and if you're filing as single or jointly.
For homes owned less than a year, regular tax rates apply.
If you've lived there for two of the last five years:
Single home owners can earn a certain amount tax free. If you file jointly, you can earn almost double tax free. In 2016, single homeowners could earn $250.00 tax free while couples that filed jointly could earn $500.00 tax free.
There are always exceptions and it is important to consult a tax advisor.