701 May 2026

AI responses may include mistakes. For financial advice, consult a professional. Learn more Topic no. 701, Sale of your home | Internal Revenue Service

: You must have owned the home for at least 24 months (two years). AI responses may include mistakes

: If your spouse passed away, you may still qualify for the full $500,000 exclusion if the sale occurs within two years of their death and other criteria are met. AI responses may include mistakes

: 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