157 \\ How to Cut Capital Gains Tax When Selling Your Home
- Author
- Tiffany Phillips - CPA, Small Business Money Mentor, Financial Expert
- Published
- Mon 18 Nov 2024
- Episode Link
- https://smallbusinessfinance.podbean.com/e/157-capital-gains-tax-on-your-home-sale-here-s-how-to-legally-reduce-your-bill/
Sold your house for a big gain? In this episode, we break down exactly how capital gains taxes work on a home sale and three strategies you can use to reduce or even eliminate the tax bill. Learn why the popular 1031 exchange doesn’t apply to personal residences, how the IRS $500,000 exclusion works, and why you still need to report the sale even if you qualify for the exclusion. Then we dive into real options, including qualified opportunity zone investments, using capital losses to offset gains, and an advanced oil and gas investment strategy that can wipe out a six-figure tax bill while keeping most of your cash free. If you want practical, legal ways to protect your profit from taxes, this episode shows you how.
Next Steps:
💰Pay Less in Taxes – Start Here! 💰
☎️ Are you overpaying in taxes every year? Schedule a FREE discovery call to find out!
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