Are there taxes on selling a house

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Do you pay taxes on profit from selling a house? If you are considering selling your home with equity and wondering do you pay taxes on a house you sell, then this video is for you. In this video I discuss if you sell a home do you pay taxes as well as capital gains exemptions when selling a house. • #RealEstate #RealEstateMarket #HousingMarket • Subscribe for More Real Estate Tips and Real Estate Information - https://goo.gl/NZB1S6 • • Do you pay taxes on a house you sell? How can I avoid Capital Gains on Real Estate? • This question all depends on a few different things which we’re going to discuss here. If you live in California and are selling your primary residence that you have lived in 2 of the last 5 years then you have a capital gains exemption when selling your home. There is an exemption of up to $250,000 if you are single or $500,000 for a married couple. Anything beyond those numbers could be taxed but remember that there are other fees that can be deducted like home improvements, etc…....Remember, it’s always a great idea to speak with a CPA when discussing taxes. • If you sell rental or investment property, you can avoid capital gains and depreciation recapture taxes by rolling the proceeds of your sale into a similar type of investment within 180 days, this is called a 1031 Tax Exchange after the tax code • Do you pay income tax on selling a house? • No, you don’t pay income tax on selling a house. The tax on selling a home is a capital gains tax. In some cases, there are ways around this capital gains tax which I mentioned above. • Capital Gains Explained • Capital Gains are any profit you make when selling a property whether it be a primary residence or any investment property. • What are Capital Gains Taxes in California? • Long-term capital gains tax is a tax on profits from the sale of an asset held for more than a year. Long-term capital gains tax rates are 0%, 15% or 20% depending on your taxable income and filing status. They are generally lower than short-term capital gains tax rates. • Connect with me: • B L O G ➳ http://www.jebsmith.net/blog • F A C E B O O K ➳ / cbhbrealtor • I N S T A G R A M ➳ / jebsmith • Other videos you might find helpful: • Capital Gains in Real Estate - • What is CAPITAL GAINS Tax on REAL EST... • What is a 1031 Tax Exchange - • 1031 Exchange - What is a 1031 Exchange • Is the Real Estate Market Crashing? • Is the Real Estate Market Crashing? ... • 6 Reasons Home Don't Sell - • 6 Reasons Homes Don't Sell • What is a Pre Foreclosure? • What is a Pre Foreclosure?

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