Do I have to pay capital gains tax when I sell my house?

Do I have to pay capital gains tax when I sell my house?

Answer: The IRS allows you to exclude up to $250,000 in capital gains on your primary residence – assuming you meet their ownership and use tests. Married couples may exclude up to $500,000.

It’s important to note that capital losses from the sale of personal property including your home are not deductible.