If you’re thinking about selling your home — or you recently did — this is important.

In this video, I walk you through the current tax rules for home sales, including the $250,000 capital gains exclusion for single filers and $500,000 for married couples, available every two years if you qualify.

I also explain:

• The ownership and residency requirements you must meet

• How capital gains are calculated (sale price minus your original cost plus improvements)

• Why you must report the sale on your tax return — even if you owe no tax — to avoid unnecessary IRS penalties

Home sales are one of the most commonly misunderstood areas in tax law, and a simple reporting mistake can create bigger problems than necessary.

If you have questions about your situation, reach out. We’re here to make sure it’s done right.