Lets face it...not too many people enjoy the thought of April 15th coming around year after year.  The list of taxes seems endless i.e. goods and services sales tax, property tax, individual tax, tobacco tax, alcohol tax, gas tax and capital gains taxes.  Not too often does Congress make it easy for most Americans when it comes to taxes.  However, on May 7, 1997, the capital gains tax on the sale of a home became a thing of the past for virtually all homeowners as a result of the Taxpayer Relief Act of 1997.  What this means is that you are eligible for a tax exemption for up to $500,000 in home-sale profits on a joint return, $250,000 for single filers.  For more detail, read the article entitled "Taxes When You Sell Your Home" below.

Selling Your Home

Explains the tax rules that apply when you sell your main home. Also includes  worksheets to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the amount of the gain that you can exclude.

Moving Expenses

Explains the deduction of certain expenses of moving to a new home because you changed job locations or started a new job. Topics include: Who can deduct moving expenses; What moving expenses are deductible and how to report your moving expenses.

Residential Rental Property

This publication discusses rental income and expenses, and explains how to report them on your return. It also covers casualty losses on rental property and the passive activity limits and at-risk rules. This publication is designed for those who only rent out a few residential dwelling units.

Homeowners: What You Can and Cannot Deduct

This report from the IRS explains what expenses you can deduct as a homeowner. It also points out expenses that are not deductible. This section has two primary discussions: real estate taxes and home mortgage interest.

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Taxes When You Sell Your Home