The real estate market has been so hot this year, and I have been getting a lot of questions regarding the tax implications if you sell your primary residence, so thought it was a good topic this week. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return. Here are some things that homeowners should think about when selling a home: Ownership and use. To claim the exclusion, the taxpayer must meet the ownership and use tests. During a five-year period ending on the date of the sale, the homeowner must have owned the home and lived in it as their main home for at least two years. Gains Taxpayers who sell their main home and have a gain from the sale may be able to exclude up to $250,000 of that gain from their income. Taxpayers who file a joint return with their spouse may be able to exclude up to $500,000.