: If your profit exceeds the exclusion limits, you can often reduce your taxable gain by adding the cost of major home improvements (like a new roof or kitchen remodel) to your "cost basis".
: Can exclude up to $500,000 of capital gains. : If your profit exceeds the exclusion limits,
AI responses may include mistakes. For financial advice, consult a professional. Learn more Topic no. 701, Sale of your home | Internal Revenue Service : If your profit exceeds the exclusion limits,
: If you used part of your home for business or rented it out, special rules apply that might limit your exclusion. : If your profit exceeds the exclusion limits,
: If your spouse passed away, you may still qualify for the full $500,000 exclusion if the sale occurs within two years of their death and other criteria are met.