by: Keeping Matters CurrentThe financial benefits of buying a home versus renting one are always up for debate. However, one element of the equation is often ignored – the ability to
Dated: April 22 2020
Due to the COVID-19 Pandemic, our country has just incurred $1,000,000,000,000’s (Trillions of Dollars)of debt. No doubt, taxes will be going up and the government will be looking for additional sources of revenue. It is imperative that we protect the last great tax benefit, which allows us to retain gains on the sale of our personal residence TAX-FREE!
Did you know that you can exclude all or part of the gain from the sale of your main home from taxes? You may be able to exclude up to $250,000 of the gain for an individual or up to $500,000 on a joint return.
In order to qualify you must meet an ownership and use test. This means during the past 5 years, based on the date of sale, you must have:
• Owned the home for at least two years, and
• Lived in the home as your main home for at least 2 of the past 5 years.
I can’t think of any greater tax advantage afforded all American Homeowners and I’m on a mission to keep it in place by educating and informing the public.
Please help by sharing this message.
For more information, consult your CPA,tax advisor, or visit the IRS website through the link below.
With over 20 years experience in the Real Estate industry, I realized success at a very high level and have gained a wealth of knowledge along the way. Today, my passion is training and developin....
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