TaxFreeMoney

Dated: 04/22/2020

Views: 21

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. 

 https://www.irs.gov/businesses/small-businesses-self-employed/sale-of-residence-real-estate-tax-tips 

 

Blog author image

Molly Wahrheit

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....

Latest Blog Posts

Cement your Style with These Concrete Projects!

Looking for a stylish, afforadable, and feasible project? Check out these cool concrete projects! Concrete is durable, versitile, and inexpensive. This article has DIYs ranging from planters to

Read More

Venturing out in San Antonio this weekend?

The city is slowly starting to wake up! If you are interested in venturing out, we have the scoop! Places to eat, places to visit, plus a craft that will bring the outdoors in. Don't forget to check

Read More

19 Ways to Upgrade your Yard!

Pamper Your Porch! Boost Your Backyard! Grow your Garden!When we think about upgrading our homes, we often forget about that the outdoors count just as much as the indoors! These low to no cost tips

Read More

Weekend Tips: Make Your Mark!

Julius Caesar once said "Creating is the essence of life"! Get creative and make your mark with one of our fun activities! Improve your writing, paint the town, and make your own Hanko!

Read More