The changes to the capital gains on home sales effective in 2013 is as follows (changes introduced in new Health Care Bill)
Capital gains tax exclusion on the sale of a principal residence up to $500,000 ($250,000 for individuals) remains in effect, *only* if your income is under $450,000.
—–only home sellers whose income is $450,000 or above and the gain on the sale of their house is above $500,000 would pay taxes on the excess capital gains at the higher rate (with corresponding numbers for individual filers). For the vast majority of home sellers, there is no change.
Please contact me if you have any questions about buying or selling laws and codes.