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This sounds incredible, doesn't it? But if your home has gone up in value, the first $500,000 in profit per married couple is income tax free. If you are single, the first $250,000 is income tax free.
Since the purchase price or improvements made by you are not part of the profit, most people won't pay any income tax on the sale of their home.
The good news is that you can take advantage of this tax free perk every two years. Check with your tax professional to see how this can work for you.
Contact the Law Office of Martoccio & Martoccio at 630-920-8855 if you are in need of legal advice in Hinsdale, Illinois.