Remind sellers to ask their financial advisers about tax deductions they’re eligible for in a home sale. One of the potentially big ones: selling costs. CHICAGO – Remind sellers to ask their financial advisers about tax deductions they’re eligible for in a home sale. One of the big ones they may qualify for: selling costs. As long as a cost is directly tied to the sale of a home, it qualifies for tax breaks. Also, sellers who have lived in their home as their principal residence for at least two out of the five years prior to selling it
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