This was super helpful. With the influx of people working remotely and cashing out on their capital gains for bigger properties, this info becomes even more relevant and important. Thanks for the info.
Thank you Karlton, this information was very helpful. My wife and I are thing of sell our condo to invest in our catering and food truck business. Any other video you've made we should watch to help us with this process.
Hey Karlton. Can you do a video explaining the benefits and also how to put your business in a trust? Through some research I noticed a lot of investors have transferred their properties into a trust. Hope you can break this down. Thanks, Nicki
Great video! It created and then answered the question created. The second question answer applies to me. I have owned my home for 4 years and lived in it for that time and would qualify for the deduction. I was concerned I had to own the home for 5 years, thank you!. Also, theoretically, I could rent it out for three more years and still qualify. Thank you!
I lived in my 2 family home for 27 months. And I own the home for about 5 years. I rented during that 27 months the other appartment was rented. I was also active duty during that time of ownership. Would I owe ?
have 2 units, live in one and never rented 2nd unit, my sons family stays in 2nd unit whenever they visit. Does the 2 units qualify as primary residence?
Question. I purchase my house back in 1998 for $110K. N now sold for $285K. I’m single n live there over 20 plus years. Do I exempt capital gain?? $285K minus $110K n capital gain is 117K. Does that mean I’m exempt ?? Please explain
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.
Hello Kalton, I live in California which I've been living for 17 years, and I'd like to move out of the country and buy a house in Mexico and live there, does the Capital Gains Tax still apply?
Good video. Question: based on this bro is buying another house as primary residence with the money (gain) from the sale, does that help minimize the tax liability?
Question. My grandma is selling her nyc townhouse for 3.5 million is she able to find another property say in like ATL for the same value and roll her 3.5 mill profits into that house in ATL and avoid taxes that way. She’s lived in the house for 35 years
My sister n I on title. We live in that house over 20 plus years. She passed away n I’m the owner now on the title. I’m single n live there over 20plus years. Will I’m exempt if my capital gain was under 250K when I sell the house? Please help
Hello Karlton, I have a question please. My situation is that my wife and I are seperated but not legally for 4 yrs now and I live in an apt and she lives in the property. We have owned the property since 2001 and currently to this day. We both have lived in the property previously since 2001 so the time frame of occupancy has been met and we both have been on the title as well since then. My question would be how would we both be able to select code 121if we both file Married Separate and what are the requirements or exclusions once sold that we can do with the cash please? Thanks
Hey everyone, I have lived in my house for 1.6 and my property has went up substantially. If I wait to sell after January, do I qualify for section 121?
As many times as they'd like - only rule is they can't use it again for 2 years after they claim the exclusion. Once that two years is up they can claim another exclusion on a separate home sale.
What if Title is in the Husbands name due to Sole Prop Business. Husband and Wife are filing ass MFJ and trying to sell this year do we get the $250K or $500K Exclusion? Please advise.
Thanks for the extremely informative videos. For the $500K capital gains exclusion, does your spouse have to be listed on the title property? I bought my property when single and she is not on title. Also, do we need to file taxes as married filing jointly for 2 years in order to qualify? Thanks again. Keep us the great work and content.
Yes.. Spouse needs her name on Deed/Title.... and if I’m not mistaken, once that’s done you would have to wait 2 more years to benefit from the exclusion of a sale. And.... Pretty sure filing status makes no difference.
@@mannycp thought I'd answer your question since apparently the scam didn't work out :) - you can claim it as many times as you'd like, only rule is that you can't claim it two years after you use it. Once that two years is up you can claim another exclusion on a different house. Have a great day!
