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?
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.
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