Given that your home is likely your largest asset, the prospect of turning a profit when you go to sell it is understandably exciting. That is, until you remember the reality of taxes.

There is both bad news and good news here. The bad: It is possible to pay capital gains taxes when you sell your home. The good: Not many people end up paying them due to the capital gains tax exclusion on home sales. This concern may eventually become a moot point altogether, as President Trump has proposed "ending capital gains taxes on home sales to boost the housing market," said CNBC . But for now, if you are planning to sell , it is a good idea to know what to expect when it comes to the potential for home sale taxes.

When do you have to pay taxes on a home sale?

If you sell your home for mo

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