Easton, PA asked in Tax Law for Pennsylvania

Q: Is it true that there is no federal tax on the sale of a personal residence lived in for more than 2 years?

Furthermore, what is the tax burden for the sale of a personal residence in PA?

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1 Lawyer Answer
Frank Huerta Jr
Frank Huerta Jr
Answered
  • Tax Law Lawyer
  • Fresno, CA

A: The Internal Revenue Code allows a 250000 exclusion (500000 for married filing jointly) of gain from the sale of your primary residence if you lived there for at least 2 of the 5 years prior to selling it.

State tax entities may vary the amount of the exclusion.

1 user found this answer helpful

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