2 Easy Ways To Save $$ When Selling a Home
These methods will save you tons of money when selling a home.
If you’re like me, you want to pay as few taxes as possible when you sell a home. What if I told you there were ways to sell without paying any taxes? Today I’ll cover a few of the most common ways to sell a home while (legally) avoiding taxes.
The first method is a 1031 exchange. When you sell an investment property, you can defer your capital gains taxes if you reinvest the money into a “like” property. What qualifies as a like property can get a little tricky, but with the proper experts on your side, this requirement can be fairly lenient. Call me if you have questions about your specific investment.
The next method is much simpler. If you’re married, you don’t have to pay taxes on capital gains up to $500,000 as long as you’ve lived in the home for two years or more. If you’re single, the cap is $250,000.
If you have questions about this topic or your situation, please call or email me. I’d love to speak with you and help you save some money.