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

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Toby Mathis Esq | Tax Planning & Asset Protection

Күн бұрын

Пікірлер: 192

@TobyMathis 11 ай бұрын

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

@justinlee6270 9 ай бұрын

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

@tracyblack9983 5 ай бұрын

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.

@lexxxion 4 ай бұрын

hi Tracy, Im trying to do the same, which company helped you if you dont mind sharing?

@rbm8218 4 ай бұрын

I've used IPX1031 a few times over the last 5 years. Seems to be a good company

@psychoblack1411 3 ай бұрын

why do you live in two houses in texas ?

@tracyblack9983 3 ай бұрын

@@psychoblack1411 I don’t live in Texas, I bought two houses in Texas to rent out

@HappyPenguin75034 3 ай бұрын

@@tracyblack9983 where? I agree you can buy 2 small homes around $300k each but you aren’t going to make a profit on rent (cash flow). Let’s say you make $12k cash flow on it. 25 years you make your $300k back. Ugh.

@raystark1435 7 ай бұрын

Thanks!

@TobyMathis 7 ай бұрын

Thank you for the super thanks!

@user-mp7db6zd9v 5 ай бұрын

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)?

@makiavelli6101 5 ай бұрын

Does the property that one buys to reinvest their money in have to be in the USA...say a place in Thailand that becomes rental property?

@gracielaherrera6394 Жыл бұрын

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!

@lseh4720 Жыл бұрын

I really like you. Trustworthy lawyer accountant.

@TobyMathis Жыл бұрын

Thank you 😄

@addyz-ho3ow Жыл бұрын

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

@TobyMathis Жыл бұрын

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

@KurtKoster-s6t 7 ай бұрын

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 7 ай бұрын

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

@KurtKoster-s6t 7 ай бұрын

Not married

@auntyleilei1926 6 ай бұрын

Get married 😂

@luissumaran577 6 ай бұрын

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

@fredc1536 5 ай бұрын

@@KurtKoster-s6t 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

@juliecollamore8098 Жыл бұрын

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?

@stevekangal 4 ай бұрын

No that gain is not in the equation and deas not bump you in a higher braket.

@HappyPenguin75034 3 ай бұрын

Did you watch the video.

@farainfarsai5098 20 күн бұрын

Thanks for the informative video. I have a question about the qualification for the capital gain exemption of main residence. The 2-year and 5-year is confusing. If I buy it and sell it in 2 years and lived in it for those 2 years, do I get the exemption? Thank you.

@joanzach4859 3 ай бұрын

We were able to sell an investment property in 2021 and because our adjusted gross income was below the taxable threshold we owed no tax on it. We have 2 more investment properties and I’m trying to figure out how to avoid as much tax as possible. Our primary residence has increased well over a million. We don’t have children that we can leave property to and we are reaching an age where the 3 homes are a lot to maintain. Trying to see when and how to divest.

@JoyceBrackenrich 9 ай бұрын

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

@JR-bx6kw Жыл бұрын

Love these videos!

@TobyMathis Жыл бұрын

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

@HapiestLitttlePlaceInTheGalaxy 7 ай бұрын

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.

@Missy-x3q 6 ай бұрын

Thanks for sharing this info!

@southcarolinarealestatewit1329 Жыл бұрын

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 Жыл бұрын

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 Жыл бұрын

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

@violetabrown256 11 ай бұрын

The best explanation. Thank you

@TobyMathis 11 ай бұрын

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

@marcietorrence5361 7 ай бұрын

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?

@tomreynolds99 7 күн бұрын

Toby are you available for a consultation regarding real estate sale

@TobyMathis 6 күн бұрын

Hey, if you are interested in diving deeper into this topic, feel free to schedule a free consultation with my team: aba.link/271618

@rsd6543 Ай бұрын

thanks again. so i'm planning to sell my house in Florida, I only anticipate of $15k of increased value, but I do have about 85k that I put down in the property that I will get back. Does the capital gains only cover the 15k or is it a total of $100k (15k+85k)? Thanks!

@stevetrei4801 6 ай бұрын

Great Video, very easy to follow and understand.

@TobyMathis 6 ай бұрын

Glad you enjoyed it!

@Daily.Time.pass.videos 4 ай бұрын

If I sell my property so can I account interest & renovating property in to my capital amount to reduce gain on value? Also can you just invest gain amount only in another property and not capital from first property to avoid paying tax?

@kevinmccfp 7 ай бұрын

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?

@stevekangal 4 ай бұрын

You have to recapture depreciation at sale for the years rented. The tax on the depreciation is not capital gains tax rate but income tax rate.

@ArturoOlvera-v2z 5 ай бұрын

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

@unipulsemedia1413 7 ай бұрын

@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 6 ай бұрын

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 6 ай бұрын

Short answer is no.

@wendy2cc Жыл бұрын

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

@vaskenderboghossian8061 Жыл бұрын

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

@wendy2cc Жыл бұрын

@@vaskenderboghossian8061 He definitely is a wealth of knowledge!

@TobyMathis Жыл бұрын

Awesome, thank you for watching and sharing!

@lynnemacneal500 4 ай бұрын

Can I use the 1031 if I buy a home in another country?

@resterAnonyme Жыл бұрын

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 5 ай бұрын

Did you find any relevant info on this?

@CharityBohlen 7 ай бұрын

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

@TobyMathis 7 ай бұрын

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

@timothybracken1728 Жыл бұрын

How do you not pay taxes on a partnership level ?

@atlasfueloilinc.2421 7 ай бұрын

(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

@HappyPenguin75034 3 ай бұрын

You said 1.4 million gain why only 700k. Sell it and move out of state. Or cash out refi.

@mcmike6190 8 ай бұрын

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.

@jeffroy1059 Жыл бұрын

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 7 ай бұрын

Good question! What's the answer?

@shirleysanchez1866 7 ай бұрын

@@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.🥴

@jerrym2321 7 ай бұрын

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 7 ай бұрын

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

@timelessfinancialservices4364 Жыл бұрын

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 Жыл бұрын

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

@TobyMathis Жыл бұрын

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

@brahmmauer7437 2 ай бұрын

Also there is a reverse 1031 exchange

@moodswings2537 Жыл бұрын

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 Жыл бұрын

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/

@Kimberly__Klein Жыл бұрын

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 Жыл бұрын

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.

@raulduke2337 Жыл бұрын

Good to know, thanks!

@TobyMathis Жыл бұрын

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

@Charlene-gs9kf 11 ай бұрын

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

@JtotheRizzo 10 ай бұрын

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 10 ай бұрын

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

@garywing4964 8 ай бұрын

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 8 ай бұрын

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

@SimonCU 8 ай бұрын

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

@stevehernandez8878 Жыл бұрын

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

@Ritchie75y Жыл бұрын

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

@TobyMathis Жыл бұрын

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

@davidschock9952 8 ай бұрын

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

@TobyMathis 8 ай бұрын

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).

@303Estates Жыл бұрын

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 Жыл бұрын

@LAKitchen Жыл бұрын

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

@carlandersen9364 Жыл бұрын

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

@cecilfreeman6147 11 ай бұрын

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

@TobyMathis 11 ай бұрын

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

@alesavokin3635 3 ай бұрын

What if you lived in the house 2 out of 4 years?

@jeffreyd508 11 ай бұрын

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

@jillkrueger 6 ай бұрын

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 6 ай бұрын

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

@user-px7nh7vs4b 9 ай бұрын

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 9 ай бұрын

@humangoodness 5 ай бұрын

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

@TobyMathis 5 ай бұрын

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

@TobyMathis 7 ай бұрын

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

@positive647 4 ай бұрын

How do you legally pay 0% on capital gains for a home that sells for $410,000.00, after the first $250,000, balance of $160,000. If I want to purchase another home, do I still need to pay taxes on the $160,000? Thank you.

@jerryrn5571 2 ай бұрын

Seems like you do 🤔. I have the same issue

@ToddBizCoach 6 ай бұрын

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

@sharonbrittle4538 Жыл бұрын

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 Жыл бұрын

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

@jasondelacruz6522 Жыл бұрын

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

@jazzmusicfan Жыл бұрын

Capital gains only.

@musictosoothe Жыл бұрын

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 Жыл бұрын

Correct - gotta have earned income to contribute.

@Seaward1224 7 ай бұрын

Is this applicable in Canada?

@paulki3406 7 ай бұрын

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

@todddunn945 7 ай бұрын

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

@frankcimino8552 6 ай бұрын

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

@FLSCollection 10 ай бұрын

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 10 ай бұрын

@wesleymorris1 9 ай бұрын

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 9 ай бұрын

@PogiOnly-l2y 7 ай бұрын

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 7 ай бұрын

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

@ToddBizCoach 7 ай бұрын

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

@TobyMathis 7 ай бұрын

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

@nidasalvador9705 Жыл бұрын

Thank u

@TobyMathis Жыл бұрын

Thank you for watching!

@inaemarshall2409 8 ай бұрын

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 8 ай бұрын

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

@TeyunaSe 8 ай бұрын

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 8 ай бұрын

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 8 ай бұрын

@@TobyMathis Thanks!!

@TomNishihira 7 ай бұрын

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 7 ай бұрын

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

@willmallory9085 Жыл бұрын

Thank you

@dmcdowell4414 8 ай бұрын

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 8 ай бұрын

Hi, I recommend watching this video for a full breakdown of using a 1031 exchange that is related to your question. kzbin.info/www/bejne/o2jEaX-NpLhmgdU

@shawnhoeppner4293 5 ай бұрын

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

@RamTrucks590 4 ай бұрын

I wish the tax code would allow 1031 into a REIT for landlords that are retired and don't want to be landlords anymore.

@AmyMilliken-j5j 7 ай бұрын

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 7 ай бұрын

@brhollis-Advisor 9 ай бұрын

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

@TobyMathis 9 ай бұрын

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

@foulapaix1915 Жыл бұрын

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

@TobyMathis Жыл бұрын

I will take your suggestion into consideration. 👍

@taibiservent 10 ай бұрын

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 10 ай бұрын

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

@jtixtlan Ай бұрын

The whole second method made no sense to me. I did not understand.

@liketodabble5442 Жыл бұрын

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

@codemonkeymojo 10 ай бұрын

LOL, ummmm....no.

@dallasreid7755 7 ай бұрын

Er...Move to Hong Kong?

@markthebuilder9837 Жыл бұрын

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 Жыл бұрын

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 8 ай бұрын

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.

@jtixtlan Ай бұрын

So, if we bought our home at $300K 30 years ago and now it will sell for $1.1 and we spent $100K over the years on improvements, we have to pay capital gains on $200K. Then when we immediately buy a smaller house on one floor for our senior years, at todays higher prices, we will not be able to write that off. In other words, we pay the government a $60,000 fine for downsizing. The main reason we want to downsize is to live on the difference so we can retire. This crushes that. No wonder there is such an inventory shortage of houses in the market for younger adults wanting to buy a house to raise their own families. Meanwhile, because there is so little movement in the market due to the tax code, landlords are taking advantage of this and charging extremely high rents that non-homeowners must pay. Horrible. Such robbery of everyone from Gen X to Boomers, each in a different way but all related.

@abrahamgarcia9637 6 ай бұрын

I’m confused

@TobyMathis 6 ай бұрын

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

@dmrdmr9577 7 ай бұрын

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 7 ай бұрын

@JosephBotta Жыл бұрын

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 Жыл бұрын

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 Жыл бұрын

I would confer with an experienced tax professional.

@Astral_Dusk 8 ай бұрын

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.