About this episode

This episode discusses potential tax implications after selling a home and offers tips for tax planning.

You May Owe $ For Taxes After A Home Sale... ... and keep in mind that I am NOT a CPA but I've learned a few things along the way that you can discuss with your tax planner have you ever noticed at the end signing closing documents that there is a "tax form set of questions" for a 1099R it is used to help determine if you may owe tax on the home sale if the home being sold is a primary residence and you have lived in it at least 24 of the 60 last months you may have enough exemptions to wash out any tax due so when might you owe tax ??? this is not a complete list but its a starting point an investment property a 2nd home a property owned less than 2 years a property owned less than 1 year may owe more tax in the case of an investment property you may have been depreciating the home on your taxes and that would be recaptured when the sale is done here are a few things you can do to reduce your tax due keep all of your receipts as it may increase your cost basis avoid selling a home within the 1st year file a homestead exemption to show primary residence meet with your tax planner in advance of buying/selling do a 1031 exchange today's show walks you through all of the bullet…

People in this episode

Host: Ron Wysocarski

Topics covered

• home sale taxes
• tax planning
• real estate investing
• primary residence exemptions
• 1031 exchange

Keywords

• home sale
• taxes
• exemptions
• investment property
• tax planner

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