Primary Residence Exclusion 2025. Single homeowners can permanently exclude up to $250,000. It used to be just that simple.
The r 2 million primary residence exclusion is applied to the portion of the gain, which relates to the primary residence use only. Eligibility and exclusions apply, so be sure to consult a tax expert when selling your primary residence.
We accept that the “trustee” who uses this “as a primary residence”, and “built the home” is in fact a person who is connected person in relation to the trust.
Tax code that allows homeowners to exclude up to $250,000 (or $500,000 for joint filers) of the profit made from the sale of their primary residence from their taxable income, provided they meet certain qualifications.
This means that you will need to pay capital gains tax on the remaining portion of the gain.
The legislation would double the capital gains exclusion for sales of principal residences from $250,000 to $500,000 for single filers and from $500,000 to $1 million for married couples filing a joint tax return.
