Selling Your Home (ASL) - YouTube video text script
Hi, I’m Patti, and I work for the IRS.
If you're selling your home, there are a few things you need to know about federal taxes.
If you make a profit when you sell a home, you may need to report that as a capital gain when you file your taxes.
However, most individuals don't have to report a gain if the profit is less than $250,000 or less than $500,000 for couples filing a joint return.
That’s as long as you owned and used the property as your main home for two out of the past five years.
Here are three other points to remember.
First, a loss on a home sale is not deductible.
Second, if you claimed a homebuyer credit and sold within three years, you may have to repay the credit.
And, third, when you move, be sure to update your address with us using Form 8822.
That way you can make sure you’ll receive your refunds or any correspondence from us.
For more information on selling your home, see Publication 523 available at IRS.gov.