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How Can I Avoid Taxes on the Sale of My Home?

Statistically, the average person moves every seven years. So the rules regarding the sale of residence should be familiar, but I've found that often people remember rules that were in place in the last century! The following is a general review of the current guidelines. As long as you follow these rules, you should be able to avoid paying taxes on up to $250,000 of gain on an individual tax return and $500,000 on a joint return. The rules are fairly basic. During the five year period ending with the date of the sale you must have owned and occupied the home for two of the last five years. In addition, you can only exclude the gain from the sale of a personal residence every 730 days. But,