Maximize Tax Savings When Selling Your Home
If your aim is to boost your savings, you’re in for a treat. A query I frequently encounter from my clients is, ‘What’s the Strategy to Minimize Tax Obligations Upon Home Sale?’ In a recent edition of the ABCs of Senior Housing, I had the privilege of hosting Linda Anderson, Esquire from Anderson Elder Law, as a special guest speaker. Together, we unveiled the Enigmatic Section 121, shedding light on the IRS provisions that allow you to exclude gains from the sale of your primary abode. Moreover, we delved into the nuances of why selling your main residence to a family member for a nominal amount might not be the optimal choice. In addition, we uncovered tactics to sidestep capital gains taxes on a second home, outlined a roadmap for surviving spouses to fully leverage the exemption, and dispensed a treasure trove of other indispensable insights.
Experience a comprehensive 50-minute session with the Brett Furman Group at RE/MAX Classic by watching the encore recording: click here. This presentation elucidates the process of excluding gains ranging from $250,000 to $500,000 from your taxable income on federal taxes when parting with your home.
Eager for more insightful real estate wisdom? Feel free to drop a comment below, and don’t hesitate to share any other burning real estate queries you may have.
