If the home qualifies as your “principal residence” for every year you owned it, you will not be taxed on any gain realized on the sale of the home.
How does your house qualify as your “principal residence”? You must have lived in it since you acquired the home and during this time you cannot have designated a second home (i.e. recreational property) as your principal residence. If you have used your home to earn income, you may only be able to claim the principal residence exemption for a portion of your home.
Please feel free to contact us to discuss your personal situation.
