18 Money-Saving Tips for Experienced Homebuyers
Current homeowners moving to a new city might assume buying is better than renting, but that's not always the case. It may make more sense to rent than to pay the one-time costs associated with buying if you have to move again soon. There are tax benefits to staying in a home for at least two years. Sellers can exclude up to $250,000 in capital gains ($500,000 for married couples filing a joint return) from a home sale, but only if they owned and lived in the home for at least two of the previous five years. The exclusion can be used once every two years.