Strategies to Avoid Capital Gains Taxes When Selling Your Home
Thursday, 1 August 2024, 12:45
Introduction
Understanding capital gains taxes is critical when selling a property. Here’s a detailed look at strategies to minimize tax liability.
Key Strategies
- Main Residence Exclusion: If you lived in the home for two of the last five years, you may exclude up to $250,000 of capital gains ($500,000 if married).
- Adjusting Your Basis: Consider any improvements made to the home, as they can increase your basis.
Conclusion
Careful planning and understanding of tax exclusions can help in optimizing your sale. Engage a tax professional to navigate these complexities effectively.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.