Avail tax exemption as you sell house, you may be giving thoughts to disposing off your house. You may go for tax exemption for the disposal, but there is a stipulation as: You need to have accommodated the house for certain time period. When you abide by the stipulated time period the ‘capital gains exclusion’ could be availed. The amount varies with cases as: yourself availing that as married couple, and availing exclusion with someone who is accommodating the house along with you.

When profit you make out of disposing house is less than certain amount, you are exempted from ‘capital gains tax’. There were certain hard and fast rules that you need to use the gained money for acquiring a more costly house, and there was also stipulated age barrier. But it is not the case now. This means that you use the gained money for anything you desire.
You may have put down certain hard cash for purchase of property which is worth certain amount. That amount could have multiplied. The sales expenditures followed by cost basis are deducted and you get a net amount as profit. The profit could be invested in anything you desire.

There is a stipulated time period for which you need to have accommodated the house. But that doesn’t mean you need to have lived several consecutive years in the house. There might have been a break in the midst of stipulated time period. Also, you may avail exclusion at time of living in a different house from the one you dispose off.There are certain cases when even though you have not lived for the stipulated time period, you can avail certain exemptions. The cases are: Relocation, unpredictable turn of events, and health problems.Whatever be your move, it is wise to approach a tax or Financial Advisor.