I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

@BlakeGabriel-23

14 күн бұрын

Got it! Buying stocks during a recession when prices are down could be a good move. You might get them at a lower price and sell later when they go up. Just do your homework and be aware of the risks before diving in!

@SullivanSpencer67

14 күн бұрын

@@BlakeGabriel-23 That's awesome! Investing in stocks with a reliable trading system can lead to great outcomes. It's fantastic that you've been working with a financial advisor for a year now. Starting with less than $200K and being just $19,000 away from making half a million in profit is impressive! Keep up the good work!

@EleanorMabel

14 күн бұрын

@@SullivanSpencer67 Mind if I ask you to recommend this particular coach you using their service?

@SullivanSpencer67

14 күн бұрын

@@EleanorMabel VICTORIA CARMEN SANTAELLA Constable is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

@MathiasRicardo-

14 күн бұрын

@@SullivanSpencer67 She appears to be well-educated and well-read. I ran a Google search for her name and came across her website; thank you for sharing.

We need to End captial gains tax

@adm6785

2 ай бұрын

Unfortunately, Biden plans on increasing capital gains tax by almost 100%.

@sgtelias2258

14 күн бұрын

The percentage relative to overall net worth is outrageous. Bought the house in 2002 for $370,000 and sold it in 2024 for $1.5 million. I was primary bread winner (wife stayed home to raise kids) and we lived basically paycheck to paycheck for 22 years. The house is most of our retirement less some meager 401K. We still did well and we're thankful but paying what may amount to $100K is a huge hit.

@floydmendoza3546

6 күн бұрын

​@@sgtelias22582:30

Avoid capital gains, write off: Expenses to write off.. commission to real estate. Home improvements on property

video starts at @1:50

This $250K/$500K exemption was created in 1997. How come there are no discussion to raise the amount, given prices/profits have gone up since then with inflation and everything else? The exemption should be $400K/$800K or even higher, correct? Great video!

@carpediem9718

2 жыл бұрын

Actually, from what I heard, Biden is trying to lower that exclusion

@clutchtown4466

Жыл бұрын

The government wants your tax dollars - they have bills to pay

@thegamsta7133

Жыл бұрын

I assume that it hasn’t been raised because it is possible for homeowners to deduct the adjusted basis of their house from the sale amount before having to consider the exclusion for home sales. Essentially, you won’t pay tax on the sale unless your house has appreciated by $250,000 or more since you bought it, and that’s assuming that you’re a single filer.

@carolmaplesden916

Жыл бұрын

@@thegamsta7133 i inherited a house from my dad he bought it for 125k it has appraised for 350k do I pay taxes for that?? Please

@thegamsta7133

Жыл бұрын

@@carolmaplesden916 From what I know, when someone dies, the assets that they had receive an increase in basis up to fair market value. If that’s true in your case, the original purchase price of $125,000 is essentially increased to the $350,000 appraisal amount. If that happens, then you shouldn’t have to pay taxes if you eventually sell it for the appraisal amount. Taxation is always tricky, though. I’d encourage you to try and do some additional research yourself. From what I’ve seen, money received from inheritances is usually tax free for spouses or children.

Thank you, this was the most simple and perfect way for someone to explain this subject. greatly appreciate it.

This is sooooo informative and educational! Thank you for this! 😊

How come a married couple only gets $500,000 exclusion, still? This exclusion is over 20 years old and not increased with inflation. Gurrr.

@johndoe-sz4iq

8 ай бұрын

Because they the Gov are thieves they have all the write offs while we are stuck at 20 years ago!

Thank you so much! I have been trying to find a video that explains this and things for sellers. There are not enough videos for first time sellers.

@JebSmith

2 жыл бұрын

Glad it was helpful!

I appreciate you sharing your knowledge, extremely informative and helpful.

Very valuable and useful information, thanks.

Love all your educational videos! Would love to be in your team!

In literally closing on selling my home in a few weeks and I have been trying to research this so I know how much I can sock away.

Really good and important video

Great video! With all the equity people have built up, sellers need to be aware of this! I’m currently looking to sell my rental in MO but will be discussing with my accountant first to see what taxes will look like.

@JebSmith

2 жыл бұрын

Thank you.

@jakstew8168

2 жыл бұрын

Whatever the taxes are I can assist you with them, doesn't matter the amount.😊

Thank for your knowledge !!!!

I retired 20 years ago at 45. I didn't have a ton of cash. I've funded my retirement by buying a dump in a decent area and after 5-7 years fix it up, sell, repeat. It's fun. I've used the cap gain exclusion each time and keep an eye on value to make sure I never exceed the exclusion. This didn't just save me on income tax. This has kept my reportable income near zero. That qualifies me for Medicaid which I love because it's so easy. Also for LifeLine which provides a smartphone and data plan. Sweet. Plus I never have to even file any Federal or State income forms so April 15 no longer means anything to me. Yup, even when you sell a house and your cap gain is below the exclusion there is nothing to report. You still could get audited and have to show whatever the IRS wants to see. But as long as you didn't cheat you're golden. There are a couple ways to get around this. If moving to be closer to your job is one way. Another cool thing is you can own a property with partners and every partner is entitled to the cap gain exclusion. So say 3 single people go in together on a house which they all live in for 2 years and sell for a $600k profit so each gets $200k. Each of them can take the $250k exclusion. The exclusion is for the cap gain on a primary residence.

@JebSmith

2 жыл бұрын

Great explanation.

@colettespencer3357

2 жыл бұрын

Thanks! Awesome info!

@emcee6152

2 жыл бұрын

Way to game the system! Obamaphones!

@MrWaterbugdesign

2 жыл бұрын

@@emcee6152 Hahaha....so typical. The Lifeline (free phones) program was created by Ronald Reagan. But sure, it's more fun blaming everything you don't like on Obama.

@emcee6152

2 жыл бұрын

@@MrWaterbugdesign The first recipients of the smartphones were the ones to coin the term "Obamaphone." Regan did create a landline program, but Obama funded it in 2009 to the tune of 10+ Billion and expanded it to include Smartphones and plans. Hey, I'm not hating on the players, I'm hating the Game, and most politicians on both sides of the aisle. Take advantage of all you can get. The faster we can bankrupt this corrupt government, the better it will be for all of us in the long run.

Well if your self employed and are over 50 and have a solo 401k you can put up to 64k in your 401k to offset your capital gain.

give an example for non primary residence and how much money comes to pocket after taxes

Good information ℹ️

You are so helpful 🙏

I would like you to address partnership and co-ownership. Not everyone is married. I have a situation where my daughter and I own our property together, We plan to sell our home and repurchase. Again; not everyone is married.

This is a very clear explanation. Thank you!

So, it may be advantageous to track value appreciation of your property and sell as it approaches exemption limits, provided you are out of the two year obligatory period? 🤔

thank you for information 🙏

@JebSmith

4 ай бұрын

You're very welcome, @bikramsingh3198! I'm glad you found the information useful. If you have any more questions, feel free to ask. It's always my pleasure to help.

Very quick and good information. Thanks 🙏🏽

Thank you. I am going to rewatch. I am a senior and my house -mortgage free-was built in 2009 for $1.2 million. The lot was paid for way long before 2009. Today, I think I can sell it for $2.6 million. I may want to do this within the next year and downsize--and buy another [smaller] house for $1.5 million. But will I get hammered by capital gains?

2 year exclusionary clause.... aka, "serial flipping." Power wealth building tool!!

Hey you grew your beard back since your last stream. Lol.

Can you make a video on all the layoffs happening in the mortgage industry due to refinancing/homes sales plummeting? My friend who’s a loan processor was sadly laid off along with others. I’m seeing reports that his is happening across the country. In brighter news, where I live ( Utah ) I’m seeing a lot more inventory hit the market and I’m also seeing price cuts between 25k-75k! I’m also seeing homes that were under contract, hit the market again. Im loving what I’m seeing! 🥳

@JebSmith

2 жыл бұрын

There's definitely going to be layoffs in the mortgage industry as refinance business drys up, no question. Good news on the inventory.

@censorshipagainstthemiddle6198

2 жыл бұрын

Those salt lake prices look crazy high sheesh

Thanks!😊

@JebSmith

12 күн бұрын

You're welcome!

So do you still have to file and tell the irs if you qualified for the exemption? When I sold, the title place mentioned sending the irs a copy of the transaction?

I got screwed on paying a capital gain on a rental home years ago I will never do that again they go off your income so the more money you make the more they take. I think I ended up paying like 50 percent

@iancsb1

Жыл бұрын

😢

What about taxes if I transfer to a trust? Is CA going to increase my tax basis?

How long do you get after the sale to put the money into another primary home?

Oh my.... selling a home and hadn't even thought about capital gains. Ugh

when the house i inherited from my dad sales who do I go to to get tax advice what taxes do I owe

What if we are selling a commercial building that has been our private residence for over 10 years? We did have it zoned as residential a few years ago with the county property assesors office. What would be our capital gains scenario? Thank you :0)

What if you haven’t lived in the house, can you take the earnings and put it toward you’re current residence?

Hello. I live in Arizona and about 2 years ago I turned it into a rental property and its being rented ever since. Before it was rented, I lived in it for 2 years. I plan on selling this place next month. Do I still qaulify for the 2 out of 5 rule although the property has been being rented for the last 2 years?

Can you make a video with Capital Gains (TX) for a rental for 10 plus year for military personnel station at another location. A lot of these videos are made for civilian personnel. Thanks again!! Great Videos!!

@JebSmith

Жыл бұрын

kzread.info/dash/bejne/rICY0rSHgMW6Y9Y.html

If you want to avoid capital gain you should refinance 1st to take some equity out and than sell it

You can include the cost you had to pay when selling it? (As in….the 30k you pay to the realtor to get it sold)?? As part of your original cost basis?

Hi..., I am in Pheonix, AZ. Do capital gain tax apply to mobile homes...? I bought the MH 4yrs ago and have been paying the taxes on it, the thing is... That I had a problem getting the title transferred to me for the longest time. I FINALLY got the title transferred 6 months ago and now I'm selling the MH at a nice profit. The land is leased at $600, and I was a private buyer that bought from a private seller... I already bought another home in FL. 4 months ago and plan on moving there when this is sold... Can the Capital G tax (if any) be deferred to the new home...??? I am unemployed. 56yrs old. And these are primary residents for me... It does show on the community lease that I have been here since 2017, but the tax office has the previous owner on their records paying the taxes up until 2021... Am I screwed...😣 WORRIED...😓

Does that mean I have to own property for 5 years? I currently lived and own my home for 2 1/2 years will I qualify? Thanks jeb enjoy your videos👍

Jeb, thanks for covering this topic. Imo it would be constructive to discuss, perhaps in another video, the Medicare stealth tax that can descend on people who make capital gains beyond certain thresholds. The extra premiums fall into a category named IRMAA. A homeseller can find himself (herself) having to pay $559/mo instead of the customary $174.70. Planning can mitigate the liability, but probably not eliminate it.

@setha360

Күн бұрын

So True yearly income over 180k married from house sell pushes you to 559$ they look back 2 years, so sell before 63.

Are there additional exclusions from capital gains for medical reasons? My wife and I live with her mother who has dementia. My wife and I are moving but we have to bring her to take care of her. Is there an exemption that she can get on the capital gains when the mother sells the house? Other then the standard $250k and reducing the gains with capital improvements and real estate commissions. Thanks

How many tax filings , do u need to file to be considered married .. 2 yrs tax filings ?

Thanks for your video is very informative. Sir, I have a question, I am planning to sell and buy also a primary home. I'm getting my income from SSI, how it's going to affect me? I'm calculating my profit after I sell and is going to be around 200-150,000. Please help me. Thanks 🙏👍

What about inflation? I don’t think there was any mention about inflation. We have lived in our home for 20 years, and I would say that the largest chunk of return on our house is due to inflation of home values due to the great decrease in value of the dollar.

What if I own two homes at the time of the sale. But my home qualifies for a sales tax exclusion. I saw on the California website you can only own one home at a time

I was told you can only deduct all upgrades, repairs and additions that was done to the house 90 days prior to listing the house for sale? True or False?

What about 3 year period

But in order to qualify for the exemption of 500 or 250 do you have to purchase another house?

Very informative video. How about in a scenario where you occupied your home for two years, the then rented it for two years, and then sold the property prior the five year mark. Does renting Your home during the five year window subject a portion of your gains to taxes even though you’ve occupied it as a primary for two out of the last five years? Thank you!

@JebSmith

Жыл бұрын

Nope, you should be good.

@friscoray2

Жыл бұрын

@@JebSmith thank you Jeb.

Example you have a capital gain of 500k but only exempt for 250k of it. Couldn't we use the 1031 to buy a new primary home after the exemption limit if we can't deduct the balance that's left after the exemption? 🧐

We’re couples sold our primary home and wrote off 400k 6 years ago. Bought another primary home 500k and today price go up to 1m. My question: if I sell primary home now, do i have to pay capital gain or i can write off tax again? Thanks

Question what if you lived in the home for 3/5 years but then 5 years go by and lived there 3/10 years ? Then want to consider selling ?

@jebsmith What if the individual doesn't have a SSN and only has an ITIN? Would these benifits still apply?

@JebSmith

10 ай бұрын

I'm assuming as long as you file taxes then it applies. That's a question for a tax professional.

Thanks for the info! I bought a property on my own income and loan (under my name but married) when I sell the house will my gain be taxed as single or married? Thanks for your help in advance!

@JebSmith

2 жыл бұрын

Married. 👍

Single: 2 years! Primary house Married: 500,000, lived in 2 years!

@JebSmith

4 ай бұрын

plus whatever you have added to your cost basis in improvements........Bottom line, talk to a tax pro.

We have a loan for $114k but our home is bow worth almost $300k. I feel like we need to get a new home because we dont have enough bedrooms now. Is there a way to just like... Switch our mortgage to a new property and keep our 3% interest? My husband is worried we will have to get a brand new mortgage with a way higher interest rate. Please help. I am desperate here.

Does it have to be “exactly 24 months” meaning if I paid cash for My Home on September 1st, 2022 and Sell it September 15th, 2024, do I have to pay the capital gains tax? I paid Cash, so I don’t want to have to pay taxes on the money, I already paid taxes on when the money was made.

"I'm not a CPA" "But here's some tax laws I have no authority talking about...."

I just moved in my house 3 months ago and may have to just face capital gains unfortunately as I'm already considering selling due to hearing gunfire just about every week since I've been here.

@JebSmith

Жыл бұрын

Sorry to hear that, that's not good. Where are you?

@brandonjohnson5205

Жыл бұрын

@@JebSmith upper marlboro md.

@alidi4144

Жыл бұрын

I had the same problem with my neighbor now I have a loud giant truck with no muffler next door

@philipdamask2279

10 ай бұрын

Did the house go up in value more than the real estate fee you will pay to sell your home? Those and other costs to sell decrease the sale value of the house.

Is this for every state cuz we live in Florida

@JebSmith

Жыл бұрын

Yes, all states

Hi! What happens if you put 20% down added to the property and sold the house less than 2 years living there. Bought at 400k and sold at 415k are we only taxed on the 15k even if we get 80k back from our 20%?

@JebSmith

Жыл бұрын

in theory, yes you would only get taxed on the 15K but if you paid closing fees and commissions then chances are there is no gain.

Taxes are a 50ml and Two Gram Rummy

Is solar considered a home improvement write off?

@JebSmith

Жыл бұрын

I can't say for sure............I believe the answer to be yes but not 100%

The 2 out of 5 year rule confuses me. We’ve lived in the house for 4 years. Do we still qualify for the exemption?

@cesterly4668

Жыл бұрын

yes.

@evanbetty

8 ай бұрын

Out of the last five years, have you lived there at least a minimum of 2 years? If it’s yes then you qualify.

2 out of 5 Rule BABY WOOOOOOP

@JebSmith

2 жыл бұрын

💯

6:56 $275K --> $225K

Bougth land january 2022 i start building my house finished house feb 2023 till now march 2024 is that count as 2 years living ?? Since start building

@JebSmith

4 ай бұрын

No, the count usually begins from when you start living in the finished house, not when you started building it. So in your case, it would count as a little over a year.

Does it have to be exactly two years down to the day I'm trying to sell my house and I'm shy about three months of the two years but I've been living there for about 10 years as my primary residence it was a rental I just bought it paid $18,000 cash put about $70,000 just in plumbing electrical ... Plus another I'd say $30,000 in siding windows.. biggest concern is when I sell the house do they automatically take the capitals gain out right away or do I owe it later. I live in Michigan please help. I passed all the real estate questions except for living there for two years exactly.

@JebSmith

Жыл бұрын

yes it needs to be 2+ years. Otherwise you will need to pay capital gains. They will prorate it for the time that you have lived there but there will still be taxes unless your improvements are more than the gains. Talk to a CPA.

For $500k exemption, does it matter if both spouse’s names are on the mortgage or not or do they just have to file as married to qualify?

@JebSmith

11 ай бұрын

Just have to be married

I thought you only had to pay capital gains if you sold the house in less than 2 years of ownership.

what paperwork clarifies that youve lived in it the past 2 of 5 years?

@JebSmith

6 ай бұрын

The IRS looks at various documents to confirm residence for the past 2 out of 5 years, such as tax returns, voter registration, driver's license, car registration, bills, and insurance records. However, there isn't a specific single document that proves this. It depends on a combination of these factors.

One way getting around it is if you’re moving for a job. Is that ONLY if transferring a job or could it be for a brand new job with a different company?

@JebSmith

Жыл бұрын

Could be either.

@lady_of_mayhem_

Жыл бұрын

@@JebSmith Thank You!

Very informative! Thank you! If you’re single and make under 40k a year, do you still have to pay capital gains taxes on a house sale? I’m located in Rhode Island.

@JebSmith

4 ай бұрын

Yes, regardless of your marital status and salary, if you have lived in the house for at least 2 of the last 5 years before selling, you can exclude up to $250,000 in profit from your taxable income. If the profit exceeds that amount, you'd have to pay capital gains tax on that excess. However, it can also depend on your personal situation, so I'd recommend speaking to a tax professional.

@CatsAreNiceMeow

4 ай бұрын

@@JebSmith Thank you for responding!

Are Capitol gains state taxed or just federal taxed🤔 and is it only on the gain and not your 250k?

@JebSmith

5 ай бұрын

Capital gains are subject to both federal and state taxes unless you live in a state with no income tax. And yes, it's only on the gains that exceed the $250k exclusion if single, or $500k if married filing jointly.

I am planning on moving to the next town over in the next few years, but I can't just sell my current house and be homeless until a place I like pops up (I don't want to rent because it might be a few years until I find the right place to buy). So if I buy a new place and start living there right away, I essentially have nearly three years to sell my current house to avoid capital gains on it?

@JebSmith

6 ай бұрын

Yes, that's correct. As long as you lived in your previous home for at least two of the last five years, you can sell it and exclude up to $250,000 (or $500,000 for a married couple) of the capital gains from your income. This is called the Section 121 Exclusion. I'd recommend you speak with a tax advisor to ensure you meet all qualifications.

what if I lived in the home 6yrs before owning it, because a relative passed, but then sell it 1yr after owning the property but lived in it prier to owning it J/W

@JebSmith

Жыл бұрын

You have to live in it as a owner for 2 of the last 5 ( at least that's my understanding)

@subzero2827

Жыл бұрын

OK thanks for the answer also another question. If you have the time if you're selling a rental house to buy a primary house do you have to pay capital gain on just the profit from what? You've sold it for or do you have to pay capital gain on everything?

the exemption has bee $500 K FOREVER its way past time to adjust that number to $1 MM based on a inflation adjusted alone or go back to the prior to 1997 code come on Congress !!

@JebSmith

10 ай бұрын

Agreed!

Bought primary home at $185k...Put in $100k over 24 years....Married...Sold at $723,500......$185k + $100k =$235k......$723,500 - $285k = $438,500k....= No capital gains on sale of house? Correct?

@JebSmith

2 жыл бұрын

Based on those numbers, correct.

@henryjohn972

2 жыл бұрын

@@JebSmith Thank You

I did get burned this time around because I just started the remodel on my central Phoenix home when values took off. I never expected such a fast and large increase and I'm now almost $100k over my exclusion. Good problem to have. I had been planning to sell and move to SE Asia. So here's my plan...sell at the beginning of 2023, move and then I have 10-11 months to find a woman to marry which shouldn't be hard. As long as I'm married on Dec 31 2023 I can get the $500k exclusion. That should same me about $37k which will buy a house in some parts of SE Asia. Sweet. Kind of cool a spouse doesn't have to be a US citizen in order to file married jointly. She won't even have a SS number. Just attach a letter explaining. I love understanding laws and using them to my advantage. It's fun.

@shaunaboo961

2 жыл бұрын

This is a joke right?

@JebSmith

2 жыл бұрын

hahahaha, there's always a loop hole. It should work.

@jakstew8168

2 жыл бұрын

I can help you out with those taxes, if you'd like 😊

I bought a home a year ago for my primary residence, and have been living in it the entire time. If I sell it now, will I owe capital gains tax if my gain is less than 250K?

@tri9398

2 жыл бұрын

Yep, must be 2 years as primary residence.

@MountainSimone

2 жыл бұрын

@@tri9398 Thank you!

@carpediem9718

2 жыл бұрын

@@tri9398 there are ways to get around that 2-year requirement. 1 instance is if you have to sell if you have to move for health conditions. There are more instances. You have to really do research to get around that but there are ways.

I feel like focusing on a $500,000 house and $1 million profit and all of that is not really a good example to help folks understand capital gains. If someone is looking to understand capital gains on KZread they most likely are not profiting $1 million off of their homes. I think this would help more folks out if you use more realistic examples for instance someone selling a $450,000 home that they initially purchased for $400,000 and haven't paid it off.

Be careful on adjusting the base with "improvements". Buying new carpet 5 years before you sell wouldn't be considered an improvement. New roof years before a sale, probably not.

@JebSmith

2 жыл бұрын

I'm not an accountant but I disagree with that.........my understanding is any improvement you've done to the home can be added to that basis.

@MrWaterbugdesign

2 жыл бұрын

@@JebSmith The way to know is to call the IRS and speaking with an auditor. It's free and they seem happy to discuss these types of things. It does take a long time to get shuffled around to reach an auditor. A more extreme example...say you own a house for 40 years. In that time you replace the carpets 3 times. Is that maintenance or an improvement? Good luck telling an auditor those first 2 installs were an improvement. The last install was done 15 years ago and is now looking terrible....improvement? Or the 3rd install was done a couple weeks before listing to sell? OK, that's clearly an improvement. There is a reality here is that this all comes down to opinion. My fav conversation with an auditor waa she said "Do you think it's an improvement?" I explained a little more and she repeated slowly "Do yooooou think it's an improvement. What she was trying to tell me without coming right out and telling me is the IRS is probably going to cut you some slack, They really aren't wanting to climb into every detail and get every dollar they "might" be entitled to. Auditors are looking for the clear thieves.

Just say the percent

SAY I BOUGHT A HOME FOR $500,000 AND LIVED IN IT FOR 2 YEARS THEN SOLD FOR 1 MILLION....I WOULD NOT GET THE $250,000 TAX BENEFIT??____BUT___ SAME SCENARIO LIVED IN IT FOR 2 YEARS (but then moved out) AND WAITED 3 YRS TO SELL WHILE LIVING ELSE WHERE____I WOULD THEN GET THAT $250,000 TAX BREAK?? SAY I AM THE OWNER OF A HOME THAT I HAVE RENTED OUT FOR THE LAST 10 YRS THEN MOVED INTO THE HOUSE FOR THE NEXT 2 YEARS____THEN SOLD_____WOULD I NOW GET THE $250,000 BENEFIT?? (or would I have to wait 3 more yrs)

@JebSmith

4 ай бұрын

The capital gains tax exemption qualification doesn't depend on you living somewhere else for a certain period before selling. The IRS states that you must have lived in that home for at least 2 of the 5 years leading up to the sale to qualify for the $250,000 tax exemption ($500,000 if married and filing jointly). In both scenarios you've mentioned, you would qualify for the tax benefit, assuming you meet all other criteria.

How much housing inflation have we had since 1997? Many people might like to move, but $250k or even $500k doesn’t cover it. Greedy tax man.

So what I’m hearing is is that, I am house poor and as a married couple are jobs are not going to improve for the rest of our lives, I can sell the house, move in with a relative and use that money to help my superstar kids go to college, is this correct?

He forgot to mention that if you rent your house out at any time. Than you lose all capital gains if you end up deciding to sell.😉

@JebSmith

6 ай бұрын

Hi @jayb.8460, you make an interesting point, and you're correct that in the US, renting out your primary residence does have an impact on capital gains exclusion when it comes to selling. However, this may not entirely eliminate the capital gains exclusion, depending on the length of occupancy and rental period. If you have lived in the home as your primary for 2 of the last 5 then you should still be able to take advantage of capital gains. Of course, keep in mind that tax laws can be complex and it's always a good idea to consult with a tax professional. Thank you for watching and for your insightful comment, it's great to have such engaged viewers!

Filing Status 0% Tax Rate 15% Tax Rate 20% Tax Rate Single $459,750 Married filing jointly $517,200 Married filing separately $258,600 Head of household $488,500

@Jack-russell103

2 жыл бұрын

Hey jeb if I’m reading this right. If you make under 41 k a year as a single person. There’s a zero% cap gains tax.?

@JebSmith

2 жыл бұрын

I'm going to have to refer you to your tax pro on that one

@Jack-russell103

2 жыл бұрын

@@JebSmith I’m pretty sure that if you make under 41 k as a single filer. The long term cap gains tax is zero. Married making under 83 k long term rate. Is zero. If you make 41k-459k. Your cap gains tax would be 15%. If that information is correct. Then it should be noted in your,video because that’s important information is it not? Of course I could be reading it completely wrong. Lol. Maybe someone can clarify. But I think I’m right…I hope I’m right

@tri9398

2 жыл бұрын

I played the numbers in turbo tax with 100,000 capital gains. Without that capital gains our income was well under 30,000 with everything else. We owed no tax. But with the 100,000 capital gains, turbo tax showed we owed huge taxes to Federal and State. So it appears to me the Capital Gains is added and becomes a component of your AGI which your tax table then applies your tax rate.

@Jack-russell103

2 жыл бұрын

@@tri9398 yeah I think you’re right. Was the cap,gains tax 15%.?

"Like property" just means real estate. So you can't sell a house and buy stocks. People get that confused

@joycebarnett6035

2 жыл бұрын

But a reit would qualify I think it is a real estate investment trust That you can buy on the stock market or there are companies you can buy straight from them I’m pretty sure

thats why we need to be married and sell every 2 yrs