Perspicacity and TAX FREE MONEY
noun: Perspicacity - the quality of having a ready insight into things; shrewdness.
Yes and TAX FREE MONEY!
Did you know that you could exclude up to $250,000 or $500,000 if
filing jointly upon the sale of your home?
That is tax free money folks!**
Living at Windnsea Beach, La Jolla and servicing the San Diego community, we are your neighbors Buying and Selling Real Estate since 1977.
We have eager buyers for your properties and can sell your home on the
open market or off market.
Call or email us today to meet with you.
We want to share the recent sales statistics and trends here in your
neighborhood and want to "Team up with You"
Capital Gains Tax Exclusion
**Topic 701 - Sale of Your Home
If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income. You may qualify to exclude up to $500,000 of that gain if you file a joint
return with your spouse. Publication 523, Selling Your Home, provides rules and worksheets. Topic 409 covers general capital gain and loss information.
Qualifying for the Exclusion
In general, to qualify for the exclusion, you must meet both the ownership test and the use test. You're eligible for the Section 121 exclusion if you have owned and used your home as your main home for a
period aggregating at least two years out of the five years prior to its date of sale. You can meet the ownership and use tests during different 2-year periods. However, you must meet both tests during the
5-year period ending on the date of the sale. Generally, you're not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your
home. Refer to Publication 523 for the complete eligibility requirements, limitations on the exclusion amount, and exceptions to the two-year rule.
You can read about Prop 5 here