Tax Advice

Members of the Maryland Association of Certified Public Accountants are answering readers' tax questions in advance of the April 17 filing deadline. Can I still claim an exclusion on capital gains on the sale of a home I have lived in for 30 years although I have a second home that is now my principal residence? If the house you sold was your principal residence for any 24 months out of the past five years, it qualifies for up to a $250,000 capital gains exclusion ($500,000 if married filing jointly)