{"version":"1.0","type":"rich","provider_name":"Acast","provider_url":"https://acast.com","height":250,"width":700,"html":"<iframe src=\"https://embed.acast.com/$/69c148bb1a160b44db9c8fcc/6a20be8d3ab59ca4e2dae89a?\" frameBorder=\"0\" width=\"700\" height=\"250\"></iframe>","title":"How to reduce or avoid tax when selling a home","description":"<p><strong>1025. </strong>If you’re considering selling a home, you may wonder how it will affect your taxes. Laura answers a listener’s question on this topic and explains how to use a legit, massive tax exclusion that allows many homeowners to skip home sale taxes altogether.</p><p><br></p><p><strong>Key takeaways</strong></p><ul><li>Selling an asset, such as a home, for a profit results in capital gains tax, with a rate that depends on your income and how long you owned it.</li><li>The Section 121 exclusion, known as the home sale capital gains tax exclusion, allows eligible single taxpayers to exclude up to $250,000, or joint tax filers up to $500,000 of capital gains on their primary residence.</li><li>Homeowners qualify for the gains exclusion if they owned and lived in the home for at least two years during the five years preceding the sale.</li><li>There are legal exceptions where you qualify for the full or partial gains exclusion even if you sell your home <em>before</em> living in it for two of the previous five years.</li></ul><p><br></p><p><strong>Discover more from Money Girl!</strong></p><p><a href=\"https://www.facebook.com/MoneyGirlQDT\" rel=\"noopener noreferrer\" target=\"_blank\">Facebook</a></p><p><a href=\"https://www.quickanddirtytips.com/newsletters\" rel=\"noopener noreferrer\" target=\"_blank\">Newsletter</a></p><p>Transcripts available at <a href=\"https://www.quickanddirtytips.com/transcripts/money-girl/\" rel=\"noopener noreferrer\" target=\"_blank\">QuickandDirtyTips.com</a>.</p><p>Email: Laura@LauraDAdams.com or leave a voicemail: (302) 364-0308.</p>","author_name":"QuickAndDirtyTips.com"}