SAVE on Taxes!
Some of the different ways to save money and reduce your tax liability:
If you lived in your home 2 out of the last 5 years, you are exempted up to $250,000 (married $500,000) on the gain.
If you haven’t lived in your home 2 out of the last 5 years and/or are an investor, you may still qualify to reduce your tax liability.
It’s called the 1031 Exchange.
When you sell your property for a gain and you don’t qualify for the Home Tax Sale owner occupied exclusion, you can either pay the tax on the gain OR buy another property within 180 days and not pay.
Some of the rules for a 1031 Exchange are that you must identify the property within 45 days of close (sale) of your property and it must be like-kind of property.
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