Real Estate Sales
Capital Gains Tax Planning | Universal Exclusion for Sold Rental Property
There are some exceptions to the Universal Exclusion (2 Year Rule), which allows exclusion on the gain from the sale of a primary residence. If the two-year use or ownership requirement is not met, or even if the exclusion has been used within the last two years, you may still qualify for a partial or... »
Real Estate Capital Gains
Real Estate Capital Gains Have you heard of real estate capital gains and losses? If not, you may want to read up on them because they might have an impact on your tax return. The IRS wants you to know these ten facts about gains and losses and how they could affect your tax situation. 1.... »
Sell Property to Yourself | S Corp Capital Gains Tax Planning
Selling property to an S-Corporation may be beneficial in some specific situations, like if you are trying to meet requirements for the two year rule ($250/500k exclusion), or if you are trying to take advantage of depreciation on appreciated property. For example, say you lived in a property for three years, and rented it out... »
Sold Investment Property | Minimize Capital Gains Tax, Deduct Closing Costs
You can minimize the taxable gain from the sale of a property by accounting for your sale expenses, like closing costs. Closing costs that you need to consider can be found on the property’s settlement statement. To minimize your taxable gain from the sale, first locate the Contract Sales Price (Line 401) on the settlement... »
Tax Planning | Real Estate Loss, Convert to Investment Property for 2 Years
You cannot claim a loss from the sale of personal residences, but you can deduct losses from rental property sales. If it looks like you are going to be taking a loss on your primary home, consider moving out and renting out the property before selling it. The best advice would be to hold off... »
Tax Planning | Avoid Capital Gains Tax on Rental Property you Want to Sell
To avoid paying capital gains tax on rental property you want to sell, consider moving into the property and making it your principle residence before selling it. Gain on the sale of your principal residence can be excluded from taxable income if you have lived in the home for two out of the past five... »
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