Selling your home? This trick will eliminate your capital gain obligation! 🏡 Here’s how you can potentially save big:
✔️ Primary Residence Exclusion: If you’ve lived in your home for at least 2 out of the last 5 years, you can exclude up to $250,000 of capital gains if you’re single, or $500,000 if you’re married.
✔️ Partial Exclusion: Didn’t live there for 2 years? You might still qualify for a partial exclusion if you sold due to work, health reasons, or unforeseen circumstances.
✔️ Home Improvements: Keep records of home improvements. They add to your home’s basis and reduce your capital gains.
✔️ 1031 Exchange: If you’re selling an investment property, consider a 1031 exchange to defer capital gains by reinvesting in a similar property.
✔️ Consult a Tax Professional: Always check with a tax professional to ensure you’re taking advantage of all possible exclusions and deductions. Save money and keep more of your hard-earned equity!
Considering selling soon? Smart planning starts now. Comment “SELL”, and I’ll send you an invite to a FREE Zoom consultation where you’ll learn how to navigate current market challenges and avoid costly mistakes! Visit the Nicole Spellman Group website for your real estate tips!
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