How to Take Advantage of the 121 Exclusion

[@reevage]

I have watched a few of these videos, all saying the same exact thing, but not one of them say when to use it. Do I need to do the paperwork for the 121 durring the sell? Or is this something I do at the end of the year when I file my taxes?

[@phaisidor6104]

Have he answered yet I would like to know as well

[@ezragreiner9854]

Nothing should need to be done at the time of the sale. Most title companies will still give you a 1099-S which you will enter at the end of the year when you file your taxes. If you use soemhting like Turbo tax, it should automatically take the Exclusion after entering the 1099 data and answering questions.

[@coffeewithcarlaba]

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/carlss

[@rdknght17]

is this something to is done during closing on a sale, or on your annual taxes?

[@ezragreiner9854]

Nothing should need to be done at the time of the sale. Most title companies will still give you a 1099-S which you will enter at the end of the year when you file your taxes. If you use soemhting like Turbo tax, it should automatically take the Exclusion after entering the 1099 data and answering questions.

[@coffeewithcarlaba]

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/carlss

[@harutanaka3647]

Is it possible to do 50% 121 Exclusion and 50% 1031 Exchange on single property?

[@coffeewithcarlaba]

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/carlss

[@jesusvela2624]

Question, I bought my house 2 years ago and lived there since. If I sell it, can I still take advantage of the 121 exclusion if I haven't owned the house for over 5 years? thank you

[@coffeewithcarlaba]

Yes, you are still eligible to take advantage if you have not owned the house for over 5 years.

[@getinthespace7715]

My plan is to leverage the 121 exclusion to build wealth over the next decade. As a hobby/side project I'm going to build myself a house every few years. Move in for 2-3 years while I build the next one. Sell the first one. Up to $500k without federal taxes.

[@coffeewithcarlaba]

Good luck on your journey!

[@paulbroyles985]

We have done this - it works - about $450k in income tax free gains realized over the last 9 years or so - 3 moves - one remodel, one mimimal upgrades, one no improvements - haven't built - all established homes

[@jeffhalden5723]

Nice summary, thanks Carl!

[@coffeewithcarlaba]

Thank you, glad you enjoyed it!

[@edwintorres5191]

Can I still do the 121 Exclusion if I have a muti family house that was my primary for 4 of the last 5 years. "Dec 2019- Dec 2023" and bought a primary that i currently live in, in Dec 2023 "5 months ago"?

[@coffeewithcarlaba]

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