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OverviewAPI
In 2023, despite a decrease in home sales to 4.09 million, the median sales price surged to $389,800. Taxpayers selling their main home can qualify for a tax break, excluding up to $250,000 or $500,000 for married couples under section 121 of the tax code. The rules entail ownership and residency tests, allow multiple uses of the exclusion, and are anticipated to remain similar in 2024.

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