A Commonly Missed Tax Break
Did you know that if you reside in a condominium or cooperative that upgrades to the common areas can affect the amount of tax you pay when the home is sold? If the property is your principal residence and you have lived in it for two of the previous five years before the sale, you probably already know that a big chunk of the profit is already exempt from federal tax ($250,000 for a single person and $500,000 for a married couple. If your gain has grown above that number, you will owe tax
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A Commonly Missed Tax Break
