Summer is a time when many people move. If that includes selling your home, you may qualify to exclude some or all gain you might have from the sale when you file your taxes. To claim the exclusion, you must meet ownership and use tests. That means during the five-year period ending on the date of the sale, you must have owned the home and lived in it for at least two years. If you have a capital gain on the sale of your main home, you may be able to exclude up to $250,000 from your income ($500,000 if you and your spouse file a joint tax return). This exclusion is only available on your main home. A loss on a main home sale isn’t deductible. Some exceptions exist. Questions? Contact us. © 2023