Oakland County Bonus Tax Breaks When Selling Your Home

Oakland County Bonus Tax Breaks When Selling Your Home

pdseoadmin Blog , Home Selling and Taxes Leave a Comment

Oakland County Bonus Tax Breaks When Selling Your Home Taxpayers in Oakland County, Mi who sell their principal residence can pocket—tax-free—as much as $500,000 in profit if they file federal taxes jointly or $250,000 if they file singly. The property must have been owned and used as their principal residence for any two of the prior five years. Homeowners can shelter the profits on the sale of a home as often as once every two years. If the two-year use and ownership tests are not met, but the home is sold because of special circumstances (i.e., health problem, job loss, …