The Change AGEnt

Real Estate Services for Older Adults

  • Home
  • About
    • About Our Group
    • Happy Clients
    • Contact Us
  • Real Estate Update
    • Minneapolis
    • St. Paul
    • Eden Prairie
    • Eagan
    • Edina
    • Golden Valley
    • Maple Grove
    • Plymouth
    • Stillwater
    • More Communities
  • Search Senior Housing

Video- Will I be taxed on Capital Gains?

March 4, 2016 By Lisa Dunn Leave a Comment

Hello! I’m Lisa Dunn with RE/MAX Results Senior Services Group live from my mobile office (my car)!  Here we are at the beginning of 2016 and many of the questions we get this time of year are about capital gains tax.  For example: “I sold a home last year, what will that mean for me in regards to capital gains tax as I prepare for taxes?”

First I’ll give you some of the general rules about capital gains tax, and then will follow up with the million dollar piece of advice

General rule for single people:

If you’ve lived in the house for 2 of the last 5 years as your primary residence and didn’t use it for rent or business, you’ll likely be eligible for the the capital gains exclusion up to $250,000. So, if you lived in a house for at least 2 out of the last 5 years and sold your home last year for $249,000, those dollars will likely be exempt from capital gains tax.

General rule for married couples filing taxes jointly:

The exemption doubles to $500,000.

Here’s the Million dollar piece of advice I promised you:

The time to consider planning for capital gains tax is before you stick the for sale sign in your front yard. The time to strategize the best way to sell your home is with your tax advisor before you list your home for sale. Here’s why: your tax advisor may be able to help you lower the basis of your home. The best time to have that conversation is when you are in your home, before you start throwing away receipts of work you’ve done to your home.

We’ll continue with these videos for the rest of the year. Make it a great day!

 

 

Share this:

  • Click to share on Facebook (Opens in new window)
  • Click to share on Twitter (Opens in new window)
Tweet
Pin
Share
0 Shares

Filed Under: Featured, Real Estate, Seniors

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Each Office is Independently Owned and Operated
Copyright © 2019 · The Change AGEnts · Staff: Log in

RE/MAX Results operates out of the Twin Cities, St. Cloud, Rochester, Duluth/Superior, Mankato and Western Wisconsin markets. Based upon the principles of entrepreneurship and customer service, RE/MAX Results has grown to become the largest and most productive RE/MAX franchise in the United States. For over 30 years, RE/MAX Results has been leading the way with the highest producing sales executives in the country. We are committed to selecting the most capable people in real estate, providing the best, most streamlined operational infrastructure, management by participation, and the highest standards of professionalism in the industry.

All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither broker(s), agent(s), nor The Change Agents  Group shall be responsible for any typographical errors, misinformation or misprints, and shall be held totally harmless.