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Be Aware of Taxes When you Sell Your Home

Question: Would the sale of my home be subject to capital gains tax?Answer:  If you have owned and occupied your principal residence for more than two years, you may not have to pay this tax. An experienced attorney can help you understand tax problems that may occur when your home is sold. He or she will also make sure that, before signing, you understand all legal agreements related to the sale of your home. For more information about Illinois law, visit www.illinoislawyerfinder.comIf you have a legal question, send it to illinoislawcolumn@isba.org.Illinois Law Now is a series of newspaper and internet posts prepared by the Illinois State Bar Association that address legal issues of interest to the public. For additional information about the law, visit http://www.illinoislawyerfinder.com/legal-faqs

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