How to LEGALLY Pay 0% Capital Gains Tax on Real Estate

Toby Mathis Esq | Tax Planning & Asset Protection

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Is it legally possible to pay 0% capital gains tax on real estate? In this video, I'll show you how to legally pay 0% capital gains tax on real estate purchases.
"You can have income but still be at zero." 6:52
This video is for people buying or selling a property who want to avoid paying capital gains. I'll explain everything you need to know about capital gains tax and how to avoid paying it legally. I'll also give you some tips on how to make the most of your real estate transactions!
You're in luck if you want to avoid paying capital gains tax on your real estate investments! You'll be able to avoid paying thousands of dollars in taxes on your real estate investments by following the rules provided here.
To do this, you must understand the definition of capital gains and how it applies to your transactions.
Capital gains are the difference between the cost basis of a property and its sale price. Capital gains tax is based on this difference, and it can be significant if you neglect to take the proper steps.
Not only will this save you money on your taxes, but it will also save you time and hassle!
If you have any questions regarding capital gains tax or other investment strategies, then be sure to comment below.
Show Notes:
0:00 Intro
0:45 Depreciation
2:36 121 Exclusion
4:34 Tax Bracket
7:23 1031 Exchange
10:18 Outro
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ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at aba.link/tobyaba
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#capitalgains #taxes

Опубликовано:

5 авг 2024

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Комментарии : 158

@TobyMathis 7 месяцев назад

Have questions about this video? Sign up for a free consultation to get your questions answered by the professionals. 👉 aba.link/271618

@justinlee6270 4 месяца назад

If I had 4.5 mil in IRA/401k/Brokerage savings how would you invest a sale of land of 9.3 mil with a basis of 500k? If you were also thinking of retiring next 1-2 yrs. Thanks Jlee

@Wolvenstar Год назад

Well, now those are really good to know and to consider. Thank you once again.

@addyz-ho3ow Год назад

Thanks for sharing your knowledge Toby. I really enjoy watching your videos . Addy

@TobyMathis Год назад

Glad you like them! Thank you for watching my channel 👍

@stevehernandez8878 Год назад

Every time I watch a RU-vid video of yours, this Mexican learns something 😂😂. Thank you Toby

@gracielaherrera6394 Год назад

Thank you for the videos! I am leaning and is beneficial for me. How do I get myself down to zero percent tax bracket for my 2023 income tax? I have capital gains of $92,000 for an investment house I already sold. Thank you!

@willmallory9085 Год назад

Thank you

@tracyblack9983 18 дней назад

I just did a 1031 exchange. I sold a duplex in Florida that I bought for $300,000 and sold for 665,000 and cleared $620,000 and bought two homes in Texas for a total of $640,000 plus closing cost. I did it through a 1031 exchange company.

@JR-bx6kw Год назад

Love these videos!

@TobyMathis Год назад

More to come so be sure to subscribe to the channel! 👍

@mcmike6190 3 месяца назад

Hi Toby, great stuff, thank you. When you talk about household income and tax brackets for retirees in example 2, how does VA disability play into that amount? VA disability is not subject to state and federal taxes, but does the income amount count against you in this scenario? Thank you.

@violetabrown256 6 месяцев назад

The best explanation. Thank you

@TobyMathis 6 месяцев назад

I'm glad you found the explanation helpful! Thank you for watching!

@wendy2cc Год назад

Great info. again. First video I ever watched, I shared.

@vaskenderboghossian8061 Год назад

Toby is THE best in this field .. tax deduction on real estate , capital gain , trusts , etc Wealth of knowledge

@wendy2cc Год назад

@@vaskenderboghossian8061 He definitely is a wealth of knowledge!

@TobyMathis Год назад

Awesome, thank you for watching and sharing!

@lseh4720 Год назад

I really like you. Trustworthy lawyer accountant.

@TobyMathis Год назад

Thank you 😄

@juliecollamore8098 7 месяцев назад

When you sell your primary home for a profit doesn’t the gain get added to your adjusted gross Income which would push you into another tax bracket?

@stevetrei4801 Месяц назад

Great Video, very easy to follow and understand.

@TobyMathis Месяц назад

Glad you enjoyed it!

@raulduke2337 Год назад

Good to know, thanks!

@TobyMathis Год назад

Happy to help! Subscribe to the channel for more great free resources. 👍

@Charlene-gs9kf 6 месяцев назад

If my income is $0, then is there a limit to how much investment income (capital gain) is really 0%? Eric Bronnenkant, CPA - Betterment: "Even if taxpayers have no taxable income, the 0% rate on LTCG only works up to the income-level threshold."@@TobyMathis

@nidasalvador9705 Год назад

Thank u

@TobyMathis Год назад

Thank you for watching!

@kevinmccfp 2 месяца назад

How does capital gains tax work if I have an investment property that’s been depreciated and I move into it as a primary residence I live in it for two years and then sell it. One do I have to recapture the depreciation and two is capital gains tax on the difference in value over recapture the depreciation?

@raystark1435 2 месяца назад

Thanks!

@TobyMathis 2 месяца назад

Thank you for the super thanks!

@timothybracken1728 Год назад

How do you not pay taxes on a partnership level ?

@user-sv3kx5dt2q 4 месяца назад

i have a house no mortage it has been rented , i now want to sale it how do i avoid paying the I RS my taxe advisor said move there and live two years, but i love the house i live in now

@303Estates 11 месяцев назад

Great Video!! As always!! I followed your great advice and set up a Wyoming LLC. How can I use that to keep a sale of rental properties on the down low of IRS (or maybe a land trust). IS this doable?

@TobyMathis 11 месяцев назад

Thank you so much for your question! We highly recommend you join us at our next Free Tax & Asset Protection Workshop Livestream. Our attorneys and specialists will answer all your questions at no additional cost. Save Your Seat: aba.link/taptoby

@HapiestLitttlePlaceInTheGalaxy 2 месяца назад

There's a 4th way, a superior way. If you have a Non Grantor, Irrevocable, Complex, Discretionary Trust with a Spendthrift Provision and sell your assets into it, all expenses of said assets are covered by the trust and all capital gains are non taxable events per IRC 643(b). This also applies to all passive income like stock sales, crypto gains,, not just real estate (applies to primary, secondary, rentals, etc) and you don't have to worry about recaptures, 1031 exchanges, etc. Not legal advice, do your own due diligence. Worth looking into. Be advised, this is a copyrighted trust, so make sure whoever creates it is authorized to sell it to you.

@user-cw7yw6er8q 2 месяца назад

Thanks for sharing this info!

@user-xg3jt3oj9v 3 месяца назад

250,000 ain't shit 40 years in my house 600,000 gain for me , can't afford to sell and buy a bigger house or downsize greedy government and they can't balance there budget

@fredc1536 2 месяца назад

If you are married have 500k excluded. Over the 40 years how much did you spend on improvements, that also adds to your cost basis. Worst case you may have to pay tax on 100k

@user-xg3jt3oj9v 2 месяца назад

Not married

@auntyleilei1926 Месяц назад

Get married 😂

@luissumaran577 Месяц назад

How about if I can help you minimize your gain tax with selling your property...

@fredc1536 Месяц назад

@@user-xg3jt3oj9v 250k for single filers is excluded .Talk to a tax consultant, you may be able to 1031 the house or come up with another strategy. I can think of a few but I am not a tax advisor

@moodswings2537 Год назад

Do I need to start a retirement ROTH before investing and i have no credit cards but i have collections from the past do i need to pay this off as debt before increasing as well? Thanks TM love your videos!

@TobyMathis Год назад

I recommend signing up for a free membership with Infinity Investing, that way you can attend the various free events offered and learn how to utilize retirement accounts. infinityinvesting.com/pricing/

@SimonCU 3 месяца назад

how about inheritance tax on property after the previous owner dies and i inherit the property?

@atlasfueloilinc.2421 2 месяца назад

(NYC) Sounds great but my wife and I bought our house for 210,000 and it’s worth between 1.6m - 1.8m (28 yrs later) all paid off , never rented always my family use. Never took any deductions except mortgage interest. I know about the 121 but still have about 700,000Gain. Can I sell or gift a portion of the property to my 3 adult children. I make 125,000 a yr and I would like to sell but not lose a ton in capital gains. How would you structure a sale that benefits my family. Thank you. Eric

@ArturoOlvera-v2z Месяц назад

@TobyMathis what about capital gains on land (in my case wetland)?

@LAKitchen 11 месяцев назад

Can you cover avoiding prop tax reassessment in CA when gifting rentals to kids IF they were not originally purchased in an LLC

@carlandersen9364 7 месяцев назад

California Prop 19 eliminated the parent to child exclusion on inherited property unless they plan to live in the property.

@garywing4964 4 месяца назад

Hey there, I am wondering about selling property in the US and using your suggested property gains tax ideas. Can I reinvest that into property in another country and avoid capital gains that way as well?

@TobyMathis 4 месяца назад

Great question, in order to assist you further, I highly recommend you request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. aba.link/tobyss

@Carolyn-vh4nz 7 дней назад

Hello I read online that if you bought your home Prior to Jan 01, 2009 none of this being in the home 2 of 5 years apply to you. For example if I bought my house in 1999 (which I did), and lived in it for 7 years t hen rented it out , (still rented today), none of this should apply to me and im grandfathered in and can keep any profits I make...is this true? How do you interpret this rule?

@Seaward1224 2 месяца назад

Is this applicable in Canada?

@ToddBizCoach Месяц назад

Comment on saving on capital gains by doing an installment sale.

@user-mp7db6zd9v 23 дня назад

Why would you have depreciation recapture on a primary residence that you live in 2 of the last 5 years (meaning you rented it) when you sell it? (8:07)?

@marcietorrence5361 2 месяца назад

What if you sell a vacation home at age 68, with a $12000 a year income, what percentage income tax do you pay on the gains?

@jeffreyd508 6 месяцев назад

Hi, as a U.S. citizen, if I bought a new construction condo in 2019 in Ukraine, and builder/project went BK, and recently, the city of Kyiv repossesed the land they were building on, claiming it was gotten fraudently in 2006 involving a bribe. Dead project Not sure how to write off this loss. Can't find any info. Do you know, or if not, where I can find such info? Thanks

@unipulsemedia1413 2 месяца назад

@TobyMathis Thanks for the informative video, Does the replacement property have to be similar in nature. E.g. I sell my primary residence with a capital gain of 600k, but I re-invest that money into an investment property within 30 day, but it won't be my primary residence, will I still be able to avoid capital gains tax.

@TobyMathis 2 месяца назад

Great question, to assist you further, I highly recommend you request a free 45-minute consultation to discuss our proven asset protection and tax strategies and how they apply to your unique situation. aba.link/271618

@brahmmauer7437 Месяц назад

Short answer is no.

@TomNishihira 2 месяца назад

Thanks Toby for the video, both my wife and I have W2 jobs. We also have 2 rental that provides us a gain of about $18K a year. I was recently was let go from my job and wanted some help running the numbers to see if it makes sense for me to manage the rentals myself to take the tax deductions from her W2. Could you provide me some recommendations on what numbers I need to look mybe a spreadsheet or someone that could help? Thank you and keep up the great work.

@TobyMathis 2 месяца назад

Glad you enjoyed the video! Have you set up a consultation with my team before? If not, I would recommend scheduling one for an in-depth answer. aba.link/271618

@resterAnonyme Год назад

On the 121 Exclusion can I wait until 3-years after I begin renting my personal residence and sell it to my LLC with a note so that I can capture an even larger capital gain?

@fouadmurtaza3133 Месяц назад

Did you find any relevant info on this?

@jasondelacruz6522 Год назад

Does the $90K cap for a 0% long term capital gains rate include earned income or just realized capital gains?

@jazzmusicfan Год назад

Capital gains only.

@jillkrueger Месяц назад

Hi Toby! Your channel is amazing! I have learned so much from your content. Thank you! I have a question for you: I want to ensure I understand the zero % tax bracket you mention in this video. My parents must sell their primary residence this year. They are no longer able to care for themselves at home due to health issues. My sisters and I just moved them into an assisted living community. The sale of their home will fund assisted living. I am trying to calculate the amount of capital gains they will pay. I believe my parents fall within the zero % tax bracket but am not certain. My 80 year old parents are retirees and make 70K/year between their pension and SS (under the 90K ceiling). I have estimated that they will make a 1.14 million dollar profit from the sale of their home in 2024 (this is after taking into account the 121 exclusion, home improvements, real estate fees, etc.) Will they fall within the zero % tax bracket for long term capital gains based entirely on their annual income OR is it their annual income + the profit they will make on the sale of their property? In other words, in 2024, will their income bracket be considered 70K or 1.2 million? Thanks so much!

@TobyMathis Месяц назад

Thank you for your kind words! I appreciate your support and I'm glad you find my content helpful. Regarding your question, I recommend setting up a free consultation to discuss some strategies and how they apply to your unique situation. Sign up here: aba.link/271618

@musictosoothe 8 месяцев назад

So it seems to work like this? The qualifying income level doesn't include the capital gain for that year, (ie, if you earn $50000, but sell a house for a gain of $70000, your qualifying income is still $50000 for a zero percent taxable gain? Is this correct? I was using turbo tax to experiment with a sale and it came up with an awful lot of tax due when I thought it would be a 0 taxable gain (although there was recapture of depreciation, but still seemed like a lot). I'm going to have to retry it again and look close to see where that tax is coming from.

@TobyMathis 8 месяцев назад

Correct - gotta have earned income to contribute.

@southcarolinarealestatewit1329 8 месяцев назад

Question! How do you avoid paying taxes on the sale of raw land? I've only owned the land for two years and never receive any income on the property. As the was land was never leased. I was looking to built a home however things have changed.

@TobyMathis 8 месяцев назад

Great question, in order to assist you further, I highly recommend you attend our Free Tax & Asset Protection Workshop where our attorneys and specialists will answer all your questions live at the virtual event. aba.link/taptoby

@benzun9600 7 месяцев назад

I am in the same situation have been researching but seems like you must pay the gains tax somehow

@Kimberly__Klein 11 месяцев назад

Question: if you 1031 an investment prop into another investment prop that is in a no cap gains state can you sell that prop and pay no cap gains?

@TobyMathis 11 месяцев назад

There are two levels of cap gains: federal and state. A no state tax state does not mean it is exempt from federal tax. So if you 1031 from a property in a state with a state cap gain into a property in a state with no state cap gain, you have only deferred both the state and federal taxes on the gain and recapture. Once you sell without a 1031, you will owe federal tax on the gain as well as the deferred state tax on the sale of the property in the state with a state tax on gains.

@paulki3406 2 месяца назад

the gain in my house is 450k how do i avoid capital gain tax on the above 250k which is like 200k

@davidschock9952 4 месяца назад

On a 1031 exchange does the gain follow the n w purchase or is it reset at the time of the exchange?

@TobyMathis 3 месяца назад

Generally, in a 1031, the gain is rolled into the replacement property, not reset. So, if you 1031 continually and then sell down the road, the capital gains tax could be rather large. However, if you 1031 until you die, then pass the property to your heirs, they will receive a step-up in basis, which will reset it (wiping out any taxable gains).

@juanchoroxas2867 2 месяца назад

Hi Mr Mathis, I enjoy watching your videos. I have a question. I sold a rental property in 2022 and paid large capital gains for it. I profited over $220k before taxes. I am retired since 2019 and I collect income from my rentals. In 2022, my taxable income was $44,587. In your video, option 2 I could avoid paying capital gains if I had 0 to low income bracket? Do I qualify ? If so should I amend my 2022 taxes. Thanks for your time Mr Mathis.

@TobyMathis 2 месяца назад

I appreciate your support and glad you enjoy watching my videos! To get the best answer tailored to your specific circumstances, I recommend scheduling a free consultation with my team. Visit: aba.link/271618

@user-jy6wf9qj6b 2 месяца назад

In terms of improvements, what if you did not maintain accurate records of substantial upgrades done over 14 years?

@TobyMathis 2 месяца назад

To get the best answer tailored to your specific circumstances, I recommend scheduling a free consultation with my team. Visit: aba.link/271618

@Ritchie757 Год назад

Coach please I want to know how to not paying capital gain on securities.

@TobyMathis Год назад

@timelessfinancialservices4364 8 месяцев назад

For the 121 exclusion if you brought the house via the LLC name (holding company or operating company for example) and you sell it do you get the 250 or 500k exclusion?

@TobyMathis 7 месяцев назад

Yes - see 26 CFR § 1.121-1 (the LLC must be disregarded for tax purposes).

@TobyMathis 7 месяцев назад

Thank you for sharing. People should know that these opportunities exist.

@jerrym2321 2 месяца назад

Can the value of the house be adjusted for inflation? It doesn't seem fair to have to pay capital gains when the value of the money I get for my house is so much less than the value when it was purchased 20 years ago.

@TobyMathis 2 месяца назад

Hi, that's a great question. Have you ever signed up for a free consultation? I recommend signing up for a deeper dive for the best answer. aba.link/271618

@wesleymorris1 4 месяца назад

Howdy got a ?, i lived in my dads rental property for 15 years, we i just remodeled the whole thing, where going to sell it and use the money to put into a home we inherited when my grandmother died. Does that count as reinvesting money into a new property. Or will he have to pay capitiol gains on the rental house. Thanks. We also own a construction buisness we remodel homes, where not flippers tho.

@TobyMathis 4 месяца назад

@user-px7nh7vs4b 4 месяца назад

Thank you for the information but I am still confused. Assume 0$ tax bracket retiree with 25k annual income. Sells vacant land at 600k profit. Is the capital gain tax 0 or is it something else?

@TobyMathis 4 месяца назад

@JtotheRizzo 5 месяцев назад

Quick question: Can I sell my property to my LLC for just enough where I show a $250K cap gain and then do it again in about 2 years until I bring my tax basis up to FMV?

@TobyMathis 5 месяцев назад

To address your question thoroughly and ensure it aligns with your overall financial strategy, I recommend scheduling a free strategy session. Visit: aba.link/271618

@sharonbrittle4538 Год назад

My question is about the new IRS rule to probate a trust with the estate after March 2023 creation. How can we now protect our heirs from inheritance taxes?

@TobyMathis Год назад

Great question, we highly recommend requesting a free 45-minute consultation to discuss inheritance taxes and how they apply to your unique situation. aba.link/tobyss

@jeffroy1059 11 месяцев назад

My question is what if you have a single family rental and you take it out of a llc and make it your primary residence for 2 years then sell it do have to pay capital gains

@kevinford1543 2 месяца назад

Good question! What's the answer?

@shirleysanchez1866 2 месяца назад

@@kevinford1543if it becomes your primary home and it's sold at a profit, You may exclude from capital gains $250K for filing single or $500k if you file jointly anything over that will be capital gains. I know the first 90k of Capital gains is taxed at 0. I'm still learning this.🥴

@humangoodness Месяц назад

Thank you. If I put the property into a Wyoming land trust, will that trigger capital gain?

@TobyMathis Месяц назад

To get the best answer tailored to your specific circumstances, I recommend scheduling a free consultation with my team. Visit: aba.link/271618

@cecilfreeman6147 7 месяцев назад

Any way to prevent capital gains when selling vacant land that has appreciated over the years??

@TobyMathis 7 месяцев назад

Great question! I recommend you join our upcoming free Tax and Asset Protection Workshop where we'll delve into strategies tailored to your specific situation. My team will answer your question live during the stream. Save Your Seat: aba.link/746a84

@todddunn945 2 месяца назад

It seems to me that passing away so your heirs can avoid tax on inherited property is a rather extreme way of avoiding taxes.

@TobyMathis 2 месяца назад

Learn how to use the IRS tax code to your advantage and keep more of what you earn during this free webinar. aba.link/tqf

@user-by3pz6jd4z 6 месяцев назад

I'm a real investor. I've been buying properties under my name and transfer them under my LLC later on. Can you show us how to get a mortgage loan under an LLC without using my personal income / W2?

@TobyMathis 6 месяцев назад

@inaemarshall2409 3 месяца назад

Thank you for educations about capital gain. I owned small mountain land since 1955. I bought for build get away house with my dogs but couldn't build a home financially and got old. So I sold last year 11/2023 $25,500 purchased $13,000 After cost made $11,000. Do I have to pay capital gain ? My adjustable income is after deduction over $7,000 much lower than $40,000 I am 78 years old. Please advice for me. Thank you Inae Marshall

@TobyMathis 3 месяца назад

Thank you for sharing your situation, Inae. It's great that you're seeking advice on capital gains. I would recommend setting up a free consultation with my team to learn more. Visit: aba.link/271618

@foulapaix1915 11 месяцев назад

Can u pls Do video on capital gains of primary residence upon death of all-owners. Thank you.

@TobyMathis 11 месяцев назад

I will take your suggestion into consideration. 👍

@ElLeNoir..ELconomics Год назад

Coach!!!

@frankcimino8552 Месяц назад

I dont understand when your tax is 0% -- there are no capital gain tax - when is your tax bracket 0% ?

@markthebuilder9837 Год назад

The only unfortunate part of your third way to avoid tax is that I'll be dead (so I guess it really doesn't help me). LOL

@jamescrenshaw5097 Год назад

I guess there is the part about not paying tax every time you dispose of a property and pay no tax during your lifetime

@samseeton8393 3 месяца назад

Still helps, since now you essentially have 20% more money to put towards a more valuable property. No reason to ever sell, build your nest egg and then take a cash out refinance to live on since the property can cover the interest rate and interest on debt is lower than your tax rate would be.

@dmcdowell4414 3 месяца назад

Can I 1031 exchange a investment property and move in to it in a year and turn my primary residence into an investment property.

@TobyMathis 3 месяца назад

Hi, I recommend watching this video for a full breakdown of using a 1031 exchange that is related to your question. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-m7a8LWoS3Ks.html

@ToddBizCoach 3 месяца назад

What about installment sales of real estate? An installment sale reduces capital gain tax.

@TobyMathis 3 месяца назад

Thanks for bringing up the topic of installment sales! I recommend setting up a free consultation to discus strategies and how they apply to your unique situation. Visit: aba.link/271618

@shawnhoeppner4293 Месяц назад

I had invest put up 100 thousand and I put 15000.00 then I fix it up we sold it 180 thousand I stuck with 36. Thousand dollars taxes after I put up 22 thousand in to it

@brhollis-Advisor 5 месяцев назад

How do I pay no tax on property transfer to my trust? Do my beneficiaries pay taxes when I die ?

@TobyMathis 5 месяцев назад

For personalized advice tailored to your unique situation, I recommend scheduling a free strategy session with my team to provide guidance on minimizing taxes when transferring property to your trust. Visit: aba.link/271618

@TeyunaSe 3 месяца назад

I own a house with my daughter that we are going to sell. Does the 121 exclusion apply to co-owners as well as married couples?

@TobyMathis 3 месяца назад

This exclusion is most often described or used by either single owners or married couples, but you don't have to be married, or a couple, to qualify for it. Unmarried co-owners can also use the exclusion.

@TeyunaSe 3 месяца назад

@@TobyMathis Thanks!!

@liketodabble5442 11 месяцев назад

Sold property with capital gain. Can I pay off mortgage on my current home to offset the capital gain?

@codemonkeymojo 5 месяцев назад

LOL, ummmm....no.

@dallasreid7755 2 месяца назад

Er...Move to Hong Kong?

@taibiservent 5 месяцев назад

Hi Toby, thanks for info...will the "1031 Exchange" option work in Georgia? just to clarify...this is a good option if we "Did not" live in the house for 2 out of 5 years (home was owned for 7yrs)...is this correct? Thanks

@TobyMathis 5 месяцев назад

Thank you for reaching out and seeking clarification on the "1031 Exchange" option in Georgia. To provide you with a comprehensive answer tailored to your specific situation, I'd recommend a detailed discussion in a strategy session. Sign up here: aba.link/271618

@user-bl8ew2no6o 2 месяца назад

What if I bought my house 20 yrs ago in CA for 1.4 million and it’s is now worth 4.4 million and I sell it. Is there anything I can do about capital gains. I don’t want to buy another house. I wanted to put it in a Roth IRA for each of my children.

@TobyMathis 2 месяца назад

@vaskenderboghossian8061 Год назад

👍😎👍

@user-uj4fg7jy3c Год назад

Hi Toby My wife and three siblings split the money from the sale of their deceased parents house. What are the implications when tax time comes?

@ignaciobravo1 Год назад

Each of you will have to split the house market value in three. That will be your basis. In other words, it is really probable you will not have to pay taxes since you will sell it at market value.

@nevastrong2850 Год назад

I would confer with an experienced tax professional.

@Astral_Dusk 4 месяца назад

Friends: Why'd y'all move back into that ol place for 2 of the remaining 5 years preceding the sale? Us: Needed that $500,000 exemption and rented out our much larger and nicer place - thankfully we last claimed the exemption over 2 years ago. Friends: Well done, ideal situation.

@jeffbalog5161 3 месяца назад

I believe the tax is deferred, so one day somebody has to pay.

@abrahamgarcia9637 Месяц назад

I’m confused

@TobyMathis Месяц назад

If you have questions, feel free to reach out to my team for a deeper dive. aba.link/271618

@dmrdmr9577 2 месяца назад

Hey Toby, I lived in my primary for 15 years then retired and rented it for 5 years to go travel. It's appreciated nearly 3x and I'm 63, how long do I need to live in it again in order to take a $250,000 capital gains exemption ?

@TobyMathis 2 месяца назад