Taxes When Selling a House - How To Avoid Capital Gains!

In this video, I talk about selling your primary home and how you can get away with not paying any taxes! Capital gains have to be considered when selling a home but due to some fun things in the tax code, you may be able to exclude most, if not all of your capital gains.
Publication 523:
www.irs.gov/pub/irs-pdf/p523.pdf
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This video is for entertainment purposes only. The information portrayed in this video should not be considered as tax or legal advice. Consult with your own tax professional and attorney to get proper advice for yourself.
• Taxes When Selling a H...

[@NguyenCPAs]

How does all of this fit into investment properties? Maybe a video in the future.

[@slaforges]

Thanks for making the info so easy to understand.

[@ruthvalladares1069]

Excellent explanation 👌

[@delegatin]

Great video bro thank you!

[@NguyenCPAs]

Thanks Matt!

[@4thQuarterMentality]

Very helpful and better explained than most channels

[@NguyenCPAs]

Glad you think so!

[@James-ns2hs]

I added gutters to the home I sold which did not have any. Is this considered an improvement or a repair? I want to increase my basis when filing my tax return on Form 8949. Also, I widened the driveway which I have no receipts, it was cash only ($1,000). Will IRS accept photos and/or Advertisement/Agent Report from the Realtor where she states that the driveway was widened recently. Thanks

[@johnnysegura1357]

Im selling my primary only after 6 months. There will be a short term gains of 375k. Is there any way to lower the gain? Within the 6 months I replaced roof and other major upgrades like HVAC ducting and insallation. I spent over 50k in improvments. Can that 50k be subtracted from 375k capital gain or added to purchase price of property?

[@kimla4807]

Question. I purchase my house back in 1998 for $110. N now I just sold my house for $285K sell price. My primary home n single. I live there over 20 plus years. Do I exempt capital gain?? How’s the calculate the numbers?? Please help

[@jeffwinkler1137]

How does rent to own fit into this and yearly income?

[@cecilio.esqinoza621]

Does it have to be exactly two years down to the day I'm trying to sell my house and I'm shy about three months of the two years but I've been living there for about 10 years as my primary residence it was a rental I just bought it paid $18,000 cash put about $70,000 just in plumbing electrical ... Plus another I'd say $30,000 in siding windows.. biggest concern is when I sell the house do they automatically take the capitals gain out right away or do I owe it later. I live in Michigan please help. I passed all the real estate questions except for living there for two years exactly.

[@DavidRamirez-fi2ev]

So for landlords. Can a landlord rent a property for 10 years and come back & live in the rented property for 2-5 years as primary resident and avoid capital gain tax like that?

[@jzthecreator2270]

Will anything happen if you owe taxes and start an llc ?

[@vichoguallo]

I bought my house on 6-17 sold it on 5-22 do I need to pay taxes ? Thank you

[@tequila2900]

Thank you

[@NguyenCPAs]

Thanks for watching!

[@johncipriano1164]

Investment house sold less than 2 years , how much capital gains do I pay on $90,000

[@tianh360]

Thanks a, if the house deed under 3 owner (mother, 2 sons). Only one son live in the house for more than 2 yrs. Does the capital gain excludesion applied for other 2 people that didnt live there?

[@NguyenCPAs]

Nope. Don't meet the residence test.

[@trilien117]

Hi Nguyen! I have this question. 2nd house. Was purchased in 2015 9057 coachella. Sold on April 2019. Purchased $140k . Sold $315k. Gain $175k (exemption) 1st house was purchased in 2014 13718 Ochre Ln. Will list for sale on April 2022 Purchased price $142k. Will be sold for $420k Will be gain $278k I moved into 1st home after I sold my second house. Since i purchased this house in 2014 i rented it out until feb 2020. Then i moved back into this house as my primary home since March 1st 2020. How is capital gain working on this scenario? Is $250k deduction only apply 1 time for lifetime? I live in California and both two houses are in CA. Thanks for taking time to read this.

[@NguyenCPAs]

Exclusion is good after 2 years from the first sale. Exclusion doesn't include depreciation recapture

[@crwinebottles2645]

My fiancee and I lived together in the same home for 20 years. We never married. A few years ago we refinance that home as joint tenants with rights of survivorship to protect each other in the event of a death. We sold the home in January 2021 for $428,100 and received a 1099-S from the title company showing gross proceeds of $428,100, but the allocation (as stated on the 1099-s) says 50%. The actual gain on the property (selling price+ improvements less the total basis) was $260,795. We pass all of the ownership/residence/look back tests. We file our taxes as single individuals. How do we complete forms 8949, Schedule D and 1040? We are hoping that we can just split everything 50/50. By doing so we can both have capital gain exclusions. Am I on the right track?

[@estelamora7749]

Hi I am in the same situation I was planing get married this year and file together next year to get the exclusion of 500,000 Due to our capital gain is around 650,000 Let me know how you will going to do it O if you have other advise pls

[@krishnasantos6160]

Hello sir ngaun lng po kita napanood,iteresado po ako sa topic nyo.kaso ang problema po ay hindi ko maintindihan.. pwede po ba tagalog na lng salamat po.

[@AB-xc6ig]

Do you need to own the home for 5 years and have it as a primary for 2 years to benefit from the exclusion? Or do you just need to own it for 2 years out of the last 5? Thanks

[@OliverH_ATL]

Just two years

[@estelamora7749]

Do you habe a phone consultation?

[@alvarojurado2199]

To qualify for the 121 exclusion of $250,000, do I need to qualify for all the tests or meet at least just one of the tests?

[@NguyenCPAs]

All

[@rivertran5138]

Ryan, which are city and state your office located in ?

[@NguyenCPAs]

Basically Denver Colorado

[@SanAntoneRose]

If I inherited my home from my parents, say in 1995, and the home was worth $500,00 at the time, and now I sell the home, as a single person, for 2.8 million… what would I owe in capital gains?

[@NguyenCPAs]

A lot

[@rayski77]

Can you expand? Purchase home for $215K . Sold for $975K. Minus Capital Improvements blah, blah, blah. Capital Gain exemption filing Joint $500k So 975-216-capital Improvements = 709. The question is out of $709K - 500K = $209K taxed on 15% ? Thanks

[@ninachan2833]

How about you own it for 2 years but you own it less then 5 years.

[@NguyenCPAs]

That's fine