Thinking of selling your home to buy a new one? You might be able to avoid paying capital gains tax on the proceeds. Thanks to the Section 121 Exclusion, you can exclude up to $250,000 (or $500,000 for married couples) of capital gains from the sale of your primary residence. Have you used this exclusion before? Let us know in the comments!
Avoiding capital gains tax when selling your primary home is possible with the right knowledge. If you've lived in your home for at least 2 out of the last 5 years, you could be eligible for the Section 121 Exclusion. This means excluding up to $250,000 from your taxable income ($500,000 for couples)! Could this help in your next real estate move? Share your thoughts below.
Maximize your real estate investment by understanding capital gains tax exclusions. Did you know you can sidestep paying capital gains tax when selling your primary residence if you've met certain criteria? Don't let taxes derail your plans—consult a tax professional to make sure you're making the most of your transactions. Need more info? Drop your questions in the comments.
Selling your primary residence? You may not need to worry about capital gains tax! Under the right conditions, the Section 121 Exclusion allows you to save big. If your gains exceed the exclusion amount, you'll only owe taxes on the excess. Is this exclusion something you've benefited from before? Let us know what you think!
Before you sell a property, it's crucial to differentiate between a primary residence and an investment property, as tax implications vary. If selling a primary residence, are you prepared to use the Section 121 Exclusion? For investment properties, consider a 1031 exchange to defer taxes. Need personalized advice? A consultation with a tax expert is invaluable.