How To Avoid Taxes When Selling A House! $0 Capital Gains Tax!
September 15, 2020
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11:20Now PlayingHow To Avoid Taxes When Selling A House! $0 Capital Gains Tax!
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as posted by the channelSelling your house and want to avoid capital gains tax? Check out these tax rules to help you understand the tax implications of selling a house.
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Capital Gains tax can eat up a lot of profit when selling an asset such as your house. Let's break down how to avoid as much taxes as legally possible.
If you pass these 3 rules then you can avoid taxes completely on the gain from selling your home.
1. Time Rule - You must live in the house for 2 of the last 5 years.
2. Ownership Rule - You must have owned the house for 24 months.
3. Exemption Limit - You can't claim the exemption more than once in a 2 year period.
If you pass each of these rules then you won't be taxed for capital gains on any gain that does not exceed the IRS limits. Those limits are $250K for Single and $500K for Married Filing Jointly. Any gain above those limits will be subject to capital gains tax.
If you don't pass these rules there are still a few loopholes you can take advantage of. For example, if you have lived in a house and owned it for 23 months instead of the full two years, but you moved due to work, you can still avoid capital gains tax!
However, when this occurs the limit on the capital gains tax that you can avoid is decreased. Make sure you understand the tax law and use it to your advantage as best as possible. Increase your revenue and decrease your expenses. Subscribe for more personal finance tips.
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