As stated in, the average homeowner has amassed significant equity in their home over the last few years. While this article states national numbers, the local numbers in the DFW area are impressive as well. 
Equity is the amount of money you would receive (if you sold or refinanced) between the amount owed, assuming a mortgage is in place, and your sales price, less some seller closing cost. 
But what about tax implications?
You may be wondering how you could get a tax break on the sale of your home.So here’s the deal….
The $250,000 ($500,000 if married) home sale gain exclusion is a great tax break .
Married homeowners can exclude gains up to $500,000. Unmarried homeowners can exclude gains up to $250,000. Sellers need not complete any special tax forms to take advantage.There are two tests you must pass to benefit from the principal residence gain exclusion break: the ownership and use tests.     ✔️ To pass the ownership test, you must have owned the home for at least two years out of the five-year period ending on the sale date.     ✔️ To pass the use test, the home must have been your principal residence for at least two years out of the five-year period ending on the sale date.For married joint filers, the $500,000 joint-filer exclusion can apply if:     ✔️ You or your spouse pass the ownership test for the property and
     ✔️ both you and your spouse pass the use test.
Another big qualification for the home sale gain exclusion privilege would be that you cannot have excluded an earlier gain within the two-year period ending on the date of the later sale. Meaning, you cannot recycle the gain exclusion privilege until two years have passed since its last use.
If you are thinking about selling, reach out to me and I will prepare financial information specific to your property.

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