When Selling Your Home, Save Big On Taxes Before It's Too Late!

With home prices rising, many who wish to sell their home expect to gain a profit, hence increasing the possibility of needing to pay capital gains tax. Based on current tax laws, single filers who sell their home may exclude up to $250k of capital gain while married couples may exclude up to $500k. If you believe your gain exceeds the home exclusion threshold, you may want to look into ways to reduce your tax liability from a home sale. For example, one way is to consider improvements including home additions like patios, landscaping, swimming pools as part of your cost basis. Another tip is also to include all your selling expenses to offset your gains. If you need more tips on how to effectively carry out tax planning to save thousands of dollars by lowering your taxable income legally, please do not hesitate to call us at (832) 295-3353. You can also set up an appointment with us at https://xqcpa-bookme.acuityscheduling.com/schedule.php. Last but not least, please like and share our daily posts! #tax #taxplanning #realestate #taxes

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https://www.cnbc.com/2021/12/02/how-to-avoid-a-tax-bomb-when-selling-your-home.html