Investor Guide
This section provides insights about US real estate laws and regulations. A thorough understanding of these rules is essential for investors' financial success. It helps them avoid common mistakes caused by language and culture barriers.

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How to Benefit From the Tax Exclusion When Sale of Principal Residence
2015-3-5 3:40:38, www.texasrealestate.com

As long as your client has lived in the old home for two of the five years prior to selling it, he can sell the old home for a profit of up to $250,000 ($500,000 if he is married) tax free. 


The tax laws were changed in 1997 to replace and expand the one-time $125,000 exclusion for taxpayers who were 55 or more years old. The amount has been increased to $500,000 for married taxpayers who file a joint return; the exclusion for taxpayers who do not file a joint return is $250,000. You can now claim this exclusion once every two years. 


You no longer have to buy a new residence to benefit from the exclusion. You no longer have to be 55 to benefit from the exclusion. The new exclusion does not impose any age restrictions, so any seller is eligible. 


https://www.texasrealestate.com/for-texas-realtors/legal-faqs/category/sale-of-principal-residence


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