Does the money from the sale of my house need to be taxed? 2 Answers as of September 07, 2010

The answer will depend on a variety of facts; however, you may be able to exclude the profit from your taxable income if: you have owned the home and lived in the home for a minimum of two years and it must have been your principal residence. If this is true, you may be able to exclude up to $250,000 in profit from the sale of a main home. I would recommend speaking with a tax attorney and/or your CPA prior to selling the home so that you are fully aware of the tax implications.

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Taxable income includes the Gain from selling your home. Take Selling Price (minus selling expenses) minus original Purchase Price (plus any improvements) = Gain. (could be long term gains or short term gains- AND would be nontaxable if you lived in home 2-5 years (up to $250,000, if single- $500,000, if married).