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If you meet all the requirements for the exclusion, you can take the $250,000/$500,000 exclusion any number of times. But you may not use it more than once every two years. The two-year rule is really quite generous, since most people live in their home at least that long before they sell it.

Basically, if you're 65 or older, you have to file a tax return in 2022 if your gross income is $14,700 or higher. If you're married filing jointly and both 65 or older, that amount is $28,700.

You usually get this information on the confirmation statement that the broker sends you after you have purchased a security. You?the taxpayer?are responsible for reporting your cost basis information accurately to the IRS. You do this in most cases by filling out Form 8949.

There is an exclusion on capital gains up to $250,000, or $500,000 for married taxpayers, on the gain from the sale of your main home. That exclusion is available to all qualifying taxpayers?no matter your age?who have owned and lived in their home for two of the five years before the sale.

This tax benefit allows individuals to exclude up to $250,000 (or $500,000 for married couples filing jointly) of capital gains from their taxable income, potentially reducing their overall tax liability.

You do not have to report the sale of your home if all of the following apply: Your gain from the sale was less than $250,000. You have not used the exclusion in the last 2 years. You owned and occupied the home for at least 2 years.

Itemizing requirements Enter your expenses on the appropriate lines of Schedule A. Add them up. Copy the total amount to the second page of your Form 1040. This amount is then subtracted from your income to arrive at the final taxable income number.