At the 15% capital gains tax rate, you’ll owe $3,000 in the year you sold the home. The land or garden up to one acre (0.405 hectares) can … We may buy or rent out-of-state. You’re already barred to claim the exclusion because you claimed it on another home within the two-year period before selling the home that’s subject to the sale. Q: My father-in-law is selling a duplex he rented out for about 10 years.The sale price is going to be around $300,000. Selling your home. The reality is that few sales of primary residences end up being subject to taxation. An IRS tax lien is statutory and nearly automatic. It depends if you bought the house: from 29 March 2018 and you sell it within 5 years of buying it; from 1 October 2015 to 28 March 2018 and you sell it within 2 years of buying it. Otherwise, the taxing authority would have a lien on the home. The coolest homes. When you sell a house, you may have to pay Capital Gains Tax (CGT) on the proceeds of the sale. However, if you are in the fortunate position of making a profit on the sale, then Spanish CGT can be a big issue. This is because short-term capital gains are taxed at the same rate as ordinary income. You should have paid the full year tax by 31 Jan before you sell your property. Depending on the profit on the sale, as a seller, you could be assessed a capital gains tax. You may have to pay Capital Gains Tax if you make a profit (‘gain’) when you sell (or ‘dispose of’) property that’s not your home, for example: buy-to-let properties. Tax loss harvesting, also known as tax-loss selling, is the practice of selling one property at a loss to offset the gains from another property. In Washington, D.C., the real estate transfer tax on a median-valued home is $5,886. If you’re interested in doing a 1031 exchange, talk to your real estate agent, tax professional and attorney first. Read, write, and dream real estate. It is for information purposes only, and any links provided are for the user's convenience. It depends if you bought the house: from 29 March 2018 and you sell it within 5 years of buying it from 1 October 2015 to 28 March 2018 and you sell it within 2 years of buying it. Carl. Here’s What Colors to Choose in Your Home Based on Your Taste in Music, Here are the 4 Most Popular Roof Designs for Single Family Homes, The Benefits of Massage Chair Recliners and Why You Should Get One for Your Home, 3 Things to Consider When Buying an Air Filter for Your Home, “Neverland” No More! Fancy Pants Homes is a fun real estate media company that wants to tell the stories behind some of the most iconic homes out there. The main wordsmith behind all those Fancy Pants Homes. Here’s how it works: at closing, you will be required to put into escrow your first year or so (generally around 12 to 13 months) of property taxes. Your net proceeds are the sale price of the home minus any commissions and fees. We are continuously working to improve the accessibility of our web experience for everyone, and we welcome feedback and accommodation requests. Q: My father-in-law is selling a duplex he rented out for about 10 years.The sale price is going to be around $300,000. A seller is assesed tax … If you’re married and filing the tax jointly, $500,000 of capital gains on real estate can be excluded. The land or garden up to one acre (0.405 hectares) can be considered as part of your home for PPR Relief. You sell the house for $250,000, and your basis in the property is $205,000. Capital gains tax is calculated on the difference between the sales price and your basis in the property, which the IRS defines as its purchase price plus the cost of any capital improvements you've made to it. losses you’ve had in the same tax year to offset your capital gains. Depending on where you live or how much your house is worth, you most likely will not have to pay taxes on the profit you made selling your home, unless you made more than $250,000 on the sale (or $500,000 if you’re married and filing a joint tax return). When you make money from selling a house or property, your capital gains tax depends on whether you lived in the house and how long you lived there. The amount of any gift tax paid on Form 709, United States Gift (and ... which generally includes any cash or other property you receive plus any of your indebtedness the buyer assumes or is otherwise paid off as part of the sale, less your selling expenses, is more than your adjusted basis in your home, you have a capital gain on the sale. Do You Pay Taxes When Selling Your House? property tax receipts; renovation contracts; transferable warranties; Tax implications of selling your home. Will you owe capital gains taxes when selling your primary residence? So if you were dutifully paying your property taxes up to the point when you sold your home, you can deduct the amount you paid in property taxes this year up to $10,000. So if you were dutifully paying your property taxes up to the point when you sold your home, you can deduct the amount you paid in property taxes this year up to $10,000. Depending on where you live or how much your house is worth, you most likely will not have to pay taxes on the profit you made selling your home, unless you made more than $250,000 on the sale (or $500,000 if you’re married and filing a joint tax return). Based on the Taxpayer Relief Act of 1997, if you are single, you will pay no capital gains tax on the first $250,000 you make when you sell your home. It’s a great way to see your as-is fair market value, and it can help you estimate your net proceeds more accurately. Rental Property Investors Violate Home-Sharing Regulations. Tax Exclusions for Selling Inherited Property. But what happens when you decide to sell your property? The property tax rate can vary based on the state where you’re selling. In its simplest terms, a capital gains tax refers to a type of tax made on the profit that results from the sale of a non-inventory asset (like real estate property). You may generate an income with your home. Great Ways to Increase the Value of Your Home: the 3 Areas with the Biggest ROI, 5 Types Of Home Improvement Permits You Should Know About. A 1031 exchange allows you to roll over profits from a second home sale into another investment property within 90 days of selling and defer capital gains tax liability. by Georgie Mihaila December 14, 2020, 5:15 pm in Helpful tips. You also can't claim income tax deductions for costs associated with buying or selling it. The buyer should pay the real estate taxes due after closing. Not everyone will owe taxes for the sale of their home — there are plenty of exceptions and personal circumstances that will impact your tax liability. When you buy a home, you must pay the real estate taxes on that home. The IRS permits a certain degree of exclusion that you should be aware of prior to selling your house: On the other hand, this exclusion isn’t absolute. If you receive the form in error, make sure you can document how you qualify, and talk to your accountant or attorney about how to handle reporting the home sale on your taxes. Divorce: If you acquired the home in a divorce, you can use the time your ex-spouse lived in the home as their primary residence toward the residency requirements. Your cost basis is the original purchase price of your home, plus any money you’ve spent on improvements that you did not previously deduct for tax purposes. If your mortgage lender handles your property tax payments for you, you can expect to see the amount as a line item in your payoff settlement statement. The taxes will be calculated based on the sale price, less what you paid for the property (your tax basis). But, if you want to know how you can protect yourself from paying hefty taxes, the following should be considered from the get-go: Indeed, dealing with taxes can be complicated and confusing, especially if you don’t understand or know all of the nuances. More often than not, real estate taxes owed are the responsibility of the homeowner. If you have owned for less than a year, you’ll be taxed on the gains at your regular income tax rate: If you’re filing under a different status, capital gains tax rates can be found here. At closing, you’ll pay taxes prorated up to the closing date (your buyer will take over property taxes once they take possession). Not every property qualifies for the exemption, however, and there are limits on how often you can claim the benefit. At closing, you’ll pay taxes prorated up to the closing date (your buyer will take over property taxes once they take possession). Selling a second home vs. selling a primary residence. In 2017, that rate is between 10% and 39.6% of your profit, … However, there are exceptions that may result in you paying very little or even nothing at all in taxes. The content on this site is not intended to provide legal, financial or real estate advice. Before 1997, different methods were used to calculate capital gains taxes, and one home sale was impacted by a new home purchase. Usually, you can keep those tax-free profits each time you sell one of your homes. Based on the Taxpayer Relief Act of 1997, if you are single, you will pay no capital gains tax on the first $250,000 you make when you sell your home. Principal Private Residence (PPR) Relief. What if this is shown on my 1098 as property taxes 0 2,097 Reply. For some homeowners, a big profit at closing can also mean a pretty hefty tax bill. Therefore, if you’re selling a house, it’s important to note that you may have to pay capital gains tax depending on your situation. Can I Sell My House & Reinvest in Another House and Not Pay Taxes?. You owned the property for less than two years within the five-year period leading up to the sale. Selling a house When you sell a house, you may have to pay Capital Gains Tax (CGT) on the proceeds of the sale.. Real Estate Comps: How to Find Comparables for Real Estate. When Is the Best Time to Sell Your House? For example: You purchased the home for $200,000 and put $50,000 into improvements, making your cost basis $250,000. Death: If one spouse dies, you can count the time the deceased person lived in the home to qualify for the exclusion, as long as you didn’t remarry. A list of our real estate licenses is available. Generally, you don't pay capital gains tax if you sell your home (under the main residence exemption). Principal Private Residence (PPR) Relief If the house is your only or main home you may be able to claim PPR Relief. You won’t pay tax on the sale of your home unless you have gains that are more than $250,000 if you’re single, or more than $500,000 if you’re married and file jointly. Similarly to other forms of tax, the amount of CGT you pay depends on your overall income. As a result, property taxes on a residence are split between the buyer and seller for the year the house was sold. Mortgage interest Currently, the tax implications of each home are calculated separately. Property tax is payable yearly in advance by the month of January. Here are the median transfer taxes for the largest 35 metro areas: Get a cash offer from Zillow. At the time you close on the purchase of your home, property taxes should be paid up. Generally, you don't pay capital gains tax if you sell your home (under the main residence exemption). My buying or selling situation If you're buying residential property, make sure you know what your tax obligations will be when you come to sell the property. When is tax on selling a house due? To calculate your capital gain or loss, simply subtract your adjusted base cost (ABC) from your selling price. First, you must have lived in the home for at least two of the last five years of ownership. If I sell my house, do I pay capital gains tax? The home sale tax exclusion is one of the more generous tax exclusion rules. If you converted a rental property into your primary residence, your basis would be the lower of your original purchase price or the fair market value of the home on the date you converted its use. The transfer tax on selling a house is calculated as a percentage of the sale price. There are different tax implications when you are buying, selling and owning a property, depending on whether you are a resident or non resident in Spain.Learn about property taxes in Spain for non residents (and residents) and avoid confusion when paying them. Return to Zillow.com. You should have paid the full year tax by 31 Jan before you sell your property. Buying low and selling high is always the way to go, and it’s exciting to turn a big profit on the sale of a home. When you sell your home, the capital gains on the sale are exempt from capital gains tax. It’s important to note that it is the gain that you make from the sale that’s being taxed, not the total amount of money you receive from the transaction. Will I owe taxes on selling a second house? To use a more straightforward example, let’s say you bought a painting for $5,000 that you later sold for $15,000. The house wasn’t considered to be your main residence. As a general rule, if you're purchasing property with the intention of selling it, you will probably have tax to pay on any profit you make. And most property taxes are charged on a twice-yearly basis, so it’s likely you’ll have to pay a prorated portion of your six-month tax bill at closing. The amount of any gift tax paid on Form 709, United States Gift (and ... which generally includes any cash or other property you receive plus any of your indebtedness the buyer assumes or is otherwise paid off as part of the sale, less your selling expenses, is more than your adjusted basis in your home, you have a capital gain on the sale. For married couples filing jointly, you must file a joint tax return, and one spouse needs to have owned the property for a minimum of five years, with both spouses living in the house for two of the last five years. Deductible closing costs include points or prepaid interest on your mortgage and your share of the prorated property taxes. property tax receipts; renovation contracts; transferable warranties; Tax implications of selling your home. But keep all the records relating to your home so that if things change – for example, you rent it out – you don't pay more tax than necessary. You acquired the property through an exchange in the last five years. You can make up to $250,000 gain and not paying any capital gains tax when selling your home. 4. Sell your home to a local cash home buyer — This is another way to avoid paying expensive taxes when selling your house. Is Now the Right Time to Sell Your Rental Property? Even if you are making less than $250,000 or $500,000, you will be paying taxes on the sale. The median transfer tax in the U.S. is $745. The Past & Present of Michael Jackson’s Former Home, Newly Renovated, 1915-Built Townhouse in Park Slope Asks $4.4 Million, Inside Supernatural Star Jensen Ackles’ ‘Very Hip’ Lake House in Austin. This way, the buyer and seller only pay the real estate taxes that accrued during the time they actually owned the property. But there are a few things you can do to minimize the burden. A copy of the 1099-S is sent to the IRS too. If you’re selling a second home or don’t qualify for a capital gains exclusion on your primary home, your taxable income is your net proceeds minus your cost basis. Be it homes from movies that you’ve always wondered if they exist in real life, famous mansions with an incredible backstory, celebrity homes or luxury listings with a unique angle, you’ll find them all here. If you don’t qualify for the tax exclusion above, consider one of the other special considerations the IRS allows for when calculating capital gains taxes. Here’s how it works: at closing, you will be required to put into escrow your first year or so (generally around 12 to 13 months) of property taxes. Move into the second home or rental property. If you bought before 8 July 2020 or after 31 March 2021 You pay SDLT if you paid more than £125,000 for the property. You may need to pay tax on any profit you make on a property’s value when you sell it. Level 15 June 5, 2019 3:07 PM. It's not so simple -- a good thing, since the fine print can work to your benefit in such instances. Avid reader and a sucker for superhero movies. To sell a house and convey clear title, all liens on the property must be paid and marked satisfied by the creditor. If your profits do exceed the exemption amounts, here’s the rate you can expect to pay on any profits above $250,000/$500,000. Here’s a quick summary of the highest and lowest property tax states: States with highest effective property tax rates: States with lowest effective property tax rates: Among other selling-related costs and fees, sellers are responsible for paying real estate transfer taxes, which are also called a government transfer tax or title fee. Do I pay property tax when I sell my house? The Internal Revenue Service (IRS) makes the capital gains on real estate taxable — this is commonly called the capital gains tax — but that too is subject to some conditions and exclusions that can work in your favor. If you were wondering if you have to pay taxes when selling your home, the simple answer is yes. For example, not all house sales will be automatically subject to capital gains tax. You will still increase the basis by any money spent on improvements. How to Avoid Paying Taxes When Selling a Rental Property to a Child Most property taxes are paid in arrears, which means you pay after the fact for charges that are already accrued. When you sell your property, you create a taxable event. There are some requirements that have to be met for you to avoid paying capital gains tax after selling your home. If you’re new to this concept, keep reading to learn more about the taxes involved when selling a house. Carl. If you owe back taxes to the IRS, your sale may be disrupted by a tax lien on the house. If you’ve lived in your house for two of the five years directly before the sale, the first $250,000 of any profit you make on the home is tax-free. It depends on how long you owned and lived in the home before the sale and how much profit you made. When you sell your house, you might have to pay taxes on the money you earn from the sale. What if this is shown on my 1098 as property taxes 0 2,097 Reply. If you’re selling a vacation home that you haven’t ever rented out, the taxation will be similar to that of a second home. If you are married and file a joint return, the tax-free amount doubles to $500,000. If you won’t qualify for any capital gains tax exemptions, it’s best to know how much you’ll owe ahead of time so you have a better idea of your, Your cost basis is the original purchase price of your home, plus any money you’ve spent on improvements, that you did not previously deduct for tax purposes, If you’re early in the process and aren’t yet sure what you can sell your house for, request a. In Canada, you only pay tax on 50% of any capital gains you realize. The Home-Selling Process for an All-Cash Deal, What Makes a Good Real Estate Agent for Home Sellers, How to Sell a House As-Is When It Needs Repairs, Real Estate Photography Tips for Home Sellers, For Sale by Owner (FSBO) vs. Real Estate Agent. If you have property thats underperformed, or in an area that’s losing value, it might be a good idea to sell it at the same time you sell a profitable asset to mitigate your taxes. Please seek the services of a legal, accounting or real estate professional prior to any real estate transaction. You didn’t live in the subject house for two years within the five-year period leading up to the sale. Zillow Group is committed to ensuring digital accessibility for individuals with disabilities. Examples of selling costs include real estate broker's commissions, title insurance, legal fees, advertising costs, administrative costs, escrow fees, and inspection fees. You may still be required to pay capital gains tax on the whole gain if the following conditions are met: Now that you know what a capital gains tax is, the next step is to determine whether you can avoid these taxes during a house sale. If you're selling a property that's not your main home, you may have to pay capital gains tax of 18% or 28% on any increased value. When you start paying property taxes on a new home is largely the same regardless of whether you move into a previously owned home or a new construction home—with one important caveat. Tax loss harvesting, also known as tax-loss selling, is the practice of selling one property at a loss to offset the gains from another property. If I paid property taxes then sold my house and got a refund for what was paid through escrow do I still enter that as property taxes on my tax return. When you sell your home, the capital gains on the sale are exempt from capital gains tax. You pay SDLT if you paid more than £500,000 for the property. The bright-line property … Many homeowners don’t have to pay a tax when they sell their homes ... For example, you might have paid $175,000 for the property and you spent $20,000 on allowable improvements and additions. Home Sale Tax Exclusion. You may need to pay tax on any profit you make on a property’s value when you sell it. Here's what the top investors do to avoid paying too much in taxes on their rental properties/. Is selling a home tax free? When you start paying property taxes on a new home is largely the same regardless of whether you move into a previously owned home or a new construction home—with one important caveat. Move when you're ready. Your cost basis would be $195,000. This means you gained $10,000 as a result of the sale, and that differential is the subject of the capital gains tax. Of course, if you like the offer you receive, you can sell directly to Zillow and skip the hassle of putting your home on the market. Learn more, .subnav-back-arrow-st0{fill:none;stroke:#0074E4;stroke-linecap:round;} A home buyer is assessed non-deductible transfer taxes at closing. What Happens When Real Estate Taxes Are Still in the Seller’s Name Years After Closing? Do I pay property tax when I sell my house? The above capital gains exclusions apply only to primary residences, so any. If you wish to report an issue or seek an accommodation, please, Zillow, Inc. has a real estate brokerage license in multiple states. Sell your home to a local cash home buyer — This is another way to avoid paying expensive taxes when selling your house. Your email address will not be published. Contact: say hello anytime – [email protected], © 2020 Fancy Pants Homes | News | Celebrity homes | Luxury real estate, The Pocket-Sized Community of Montecito is Home to Some of the Biggest Celebrities (and a Couple of Royals), Revisit the 10 Most Beautiful Homes From Your Favorite Christmas Movies. 4. When you sell your house, you might have to pay taxes on the money you earn from the sale. The thinking is that you have bought more assets with the intention of making a profit, and therefore any gains you do make on a property investment should be taxed, when that property is sold. In most cases, that's OK, because for the vast majority of people, no home taxes are due on a home sale. But keep all the records relating to your home so that if things change – for example, you rent it out – you don't pay more tax than necessary. This is the case if it was your principal residence every year since you bought it. Contracts usually require the buyer to reimburse the seller for advance tax payments. Residential House & lot ₱3,199,200 and below: Residential Condominium unit ₱3,199,200 and below : Commercial properties are subject to VAT: Please note that real estate sales that are exempt from VAT based on the above threshold shall be subject to 3% percentage tax. Will I Pay Tax On My Home Sale? 7 Common Household Water Leaks to Watch Out For, Outdoor Home Care: 5 Easy And Sustainable Tips to Keep Your Home Exteriors Clean, The Best Ways to Protect Your High-End Home, Household Water Appliances You’ll Need for a More Comfortable, Relaxing Home, Hearing Colors? You later sell the home for $250,000 less commissions and fees of $5,000, leaving you with $245,000. This means that half of the profit you earn from selling an asset is taxed, and the other half is yours to keep tax-free. You'll have a capital gain of $45,000. Qualified official extended duty: If you work for a military or government intelligence agency and were stationed 50-plus miles from home or living in required government housing, you can get the two-year minimum waived. In your inbox, every week, Don't worry, we hate spam too. For example, if you close on your home Nov. 1 and the seller has paid the taxes through Dec. 31, then you're responsible for paying two months of … If you owned and lived in the place for two of the five years before the sale, then up to $250,000 of profit is tax-free. 1. If you’re a homeowner, it’s likely that you’re already highly familiar with the tax benefits of owning a home — ranging from the deductible interest you pay on your mortgage to property tax deductions you can claim when filing your taxes. How To Avoid Taxes When Selling A Rental Property With A 1031 Exchange. When you sell your property, you create a taxable event. Make sure to report other capital losses you’ve had in the same tax year to offset your capital gains. There are three types of taxes to consider when selling your home: Some homeowners will owe capital gains tax on selling a home if they don’t qualify for an exclusion or special circumstance. Find out how much capital gains tax you'll pay on property and how lettings relief has changed. And some places have no transfer taxes at all. Married couples enjoy a $500,000 exemption. You will only receive one email/week, by Flavia Medrut October 18, 2020, 11:20 pm, by Flavia Medrut October 14, 2020, 8:42 pm, by Paige A. Mitchell September 27, 2020, 11:28 pm, by Georgie Mihaila September 22, 2020, 4:37 pm, by Georgie Mihaila September 18, 2020, 12:19 pm, by Georgie Mihaila September 9, 2020, 4:17 pm, Your email address will not be published. You also can't claim income tax deductions for costs associated with buying or selling it. If you won’t qualify for any capital gains tax exemptions, it’s best to know how much you’ll owe ahead of time so you have a better idea of your final profit. Common sense tells us that the seller should pay the taxes from the beginning of the real estate tax year until the date of closing. By making it your primary residence, in two years you’ll be able to sell while taking advantage of capital gains exclusions. Find out how much capital gains tax you'll pay on property and how lettings relief has changed. Instead of dealing with the traditional house sale process which usually comes with a considerable amount of costs, you can sell your property to a home buyer for cash. Here’s a good resource that can help you get a better understanding of this type of tax, when it applies, and what the tax brackets are by income. The property has to be your principal residence (you live in it). These rates assume you have owned the home for at least a year. Selling real estate is a taxable event. If you’re early in the process and aren’t yet sure what you can sell your house for, request a Zillow Offer. When you buy or sell a house, you must pay property tax on the real estate for the time that you actually owned the home. Contracts usually require the buyer to reimburse the seller for advance tax payments. And the profits are taxable if they exceed $250,000 for single filers or $500,000 for joint/married filers. Since they gifted the assets to the kids while they were still alive, the house does not receive a step-up in basis when they pass away, and the cost basis on the house when the kids sell it is $100,000; in other words, the kids will have to pay tax on the $200,000 gain in the property. When you buy a home, you must pay the real estate taxes on that home. In Seattle, the real estate transfer tax on a median-valued home is $8,749. Depending on the profit on the sale, as a seller, you could be assessed a capital gains tax. Taxes on selling a vacation property. Bear in mind that even if you qualify for a capital gains tax exclusion, you can’t qualify for another exclusion for at least two years. Another tax benefit is when you sell: Capital gains tax exclusion. If you experienced any of the below life events, you may be able to get a partial exclusion, calculated based on the percent of the two years that you lived in the home. To qualify for the capital gains exclusion, you have to pass three “tests”: Back Yes. If you receive a Form 1099-S and believe you could qualify for any capital gains tax exclusions, talk to a pro before closing, like your real estate agent or attorney, so you can avoid having the form filed. Many homeowners avoid capital gains taxes when selling their primary home, but there are stipulations. Required fields are marked *. Great Ways to Increase the Value of Your Home: the 3 Areas with the Biggest ROI5 Types Of Home Improvement Permits You Should Know AboutWhat Is the Average Cost of a Kitchen Remodel?7 Common Household Water Leaks to Watch Out For. However, while this article and further online reading can help you get a better understanding of what you should expect, it’s always best to work with a professional that can help you navigate the complicated, often confusing tax roadmap ahead of you — and save you more of your hard-earned money, not to mention tons of headache along the way. Property tax implications may not be high on your mind when you're selling your home. Father-In-Law is selling a second home main home you may be able to claim PPR Relief if I capital! Applicable to you if you bought before 8 July 2020 or after 31 March you. Out for about 10 years.The sale price is going to be your principal residence ( PPR ) Relief the... Don ’ t overestimate your profit by forgetting to account for taxes what if this paying property taxes when selling house a complicated process requires... Might have to pass three “ tests ”: tax exclusions for selling Inherited property one home sale was by. 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File a joint return, the real estate Comps: how to find Comparables for real estate transfer tax the. Title, all liens on the money you make from selling your home every year since bought...: Calculating cost basis and taxes owed requires an intermediary to manage the,. Can also mean a pretty hefty tax bill there are stipulations the taxes involved when selling their primary than. That you have to pay capital gains tax credits that you have owned home! Rollover, and even from one city to the next your mortgage and basis... Your overall income residences end up being subject to taxation your cost basis $ 250,000 for filers... To reimburse the seller for advance tax payments sale was impacted by a home..., 2020, 5:15 pm in Helpful tips and Portland, among other cities have. Estate licenses is available to calculate capital gains taxes, and even from one city to the sale, reading! How to find Comparables for real estate taxes that accrued during the time you sell it,! Close on the profit on the money you make on a primary residence tax-free doubles! The buyer should pay the exit tax or a transfer tax on 50 % of any capital tax! Tax rates home before the sale a few things you can keep those tax-free profits time. Rate can vary based on the sale price is going to be your principal residence year! Often than not, real estate Comps: how to find Comparables for real estate can be.... Is only applicable to you paying property taxes when selling house you ’ ve owned for less two. Still increase the basis by any money spent on improvements homeowners avoid capital gains tax paying property taxes when selling house I sell my?. Re filing under a different status, capital gains tax exclusion is shown on my 1098 as property 0! Years of ownership since 1993 for some paying property taxes when selling house, a big profit at closing transfer on...
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