Selling Your Home: Making the Move

After all the effort it takes to sell your house, perhaps the most frantic period could be when it finally comes time to relocate and make the final move. From coordinating movers, packing your belongings and handling a change of address — it all requires a lot of attention to detail.

But after it all is done, there is some good news: the payoff. Once you’ve sold your home, the IRS generally allows you to take up to a $250,000 gain on the sale, tax-free. If you’re married and file jointly, you can double that to $500,000. Now the bad news? If you’ve sold your house at a loss – it is not deductible.