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Tax Considerations >Capital Gains Exemptions

Home sellers are always interested in their tax deduction options. If you recently sold a home without meeting the basic ownership and use criteria for waiving capital gains tax, you might still be able to claim reduced exemptions if you meet certain other criteria.

Homeowners who had to sell because of a change in place of employment can qualify for reduced tax. You must prove that the job change occurred while you owned and used the home as your primary residence, and that your new job is located at least 50 miles farther from your residence than your previous place of employment.

A reduced exclusion from capital gains tax may also be granted for health reasons. If your motivation for selling your house was to obtain diagnosis, treatment or cure for a disease or injury to you or a family member, you can apply for an exclusion. Unforeseen circumstances such as death, unemployment, divorce or natural disasters may also reduce your capital gains tax. Consult a tax professional for advice about your unique circumstance.

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Q	During what months of the year do most people move from one home to another?
A	Most moves occur between the months of May and September.
See More Real Estate Trivia >

The Stuart Sinclair Team, REALTOR®, real estate agent and broker for Bolton, Caledon and Brampton, Ontario home listings, property and land for sale - NUMBER1EXPERT

Stuart Sinclair, Sales Representative
RE/MAX West Realty Inc., Brokerage
1 Queensgate Blvd.
Bolton, Ontario L7E 2X7
Office: 905-857-7653
Toll Free: 866-219-7770
Fax: 905-857-7671
Email: ssinclair@trebnet.com
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