Selling a house can be a very involved process. You need to worry about hiring a broker, vetting potential buyers and negotiating deals. However, taxes are probably the biggest headache for most people selling. Here are some tax tips that you will want to follow. The IRS requires people to report profits from the sale of their homes. However, there are some exemptions that you will want to be aware of. You may be able to deduct most or even all of the capital gains on the sale of your home. Primary Residence The IRS generally allows people to exclude profits from selling your primary residence. In order to qualify for this exemption, you need to have lived in the house as your primary residence for at least two of the five years prior to the sale. Unfortunately, the IRS isn’t one-sided with its policy on tax exemptions for personal property. While you may be exempt from capital gains taxes on the sale of your primary home, you can’t deduct a loss. However, you can still d
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