Selling Your Property (House or Residential Complex)
If you sell your house or residential complex, you generally have to report a capital gain or loss on the sale.
In general, half (50%) of a capital gain on the sale of your house is taxable. However, a capital loss is not deductible.
For more information, see guide IN-120-V, Capital Gains and Losses.
Under certain conditions, you can designate all or part of the house or residential complex sold as your principal residence.
Designating a property as your principal residence allows you to avoid paying taxes on all or part of the capital gains.
This exemption will lessen your tax load and help you build wealth.
For more information, see Designating a Property as a Principal Residence.