701 Access

: If your profit exceeds the exclusion limits, you can often reduce your taxable gain by adding the cost of major home improvements (like a new roof or kitchen remodel) to your "cost basis".

AI responses may include mistakes. For financial advice, consult a professional. Learn more Topic no. 701, Sale of your home | Internal Revenue Service : If your profit exceeds the exclusion limits,

: Can exclude up to $500,000 of capital gains. : If your profit exceeds the exclusion limits,

: You must have lived in the home as your main residence for at least 24 months . : If your profit exceeds the exclusion limits,

: You must have owned the home for at least 24 months (two years).