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Tax Tips

The Answers You Need

 

Real Estate Disposition

Tax Tip – Reporting Dispositions of Real Estate: In order to claim the full principal residence exemption, you are required to report basic information on your personal income tax return when you sell your home. Likely, you do not have to pay tax on any capital gain when you sell your home if it was your principal residence, however, if you do not report the disposition on your tax return, you could be subject to a hefty penalty!