Real Estate Smarts in Under 3 Minutes - Capital Gains tax on the sale of your home?
If you sell your house will you owe any taxes? Generally not, if it's your primary residence. However, as our friends at AccountAbility (www.AccountAbilityTAB.com) say, whether you owe taxes or not, you should still REPORT the sale. Otherwise you might get a "love letter" from the IRS.