by Bill Houston | Sep 23, 2024 | Real Estate
Once or twice a year, a tax client comes to me exasperated because their mortgage broker is not including all of their income in their debt analysis. The most recent situation was one where the broker didn’t understand that a shareholder of an S Corp will...
by Bill Houston | Aug 25, 2024 | Real Estate
Everyone knows that you can only use the capital gain exclusion once every 2 years, right? Wrong. Qualified taxpayers generally can only use the whole exclusion once every 2 years, but in some cases, you can take a partial exclusion within the 2 year period after you...
by Bill Houston | Aug 25, 2024 | Real Estate
MYTH – The maximum capital gain exclusion on the sale of a personal residence is $500,000. Everyone knows that the maximum deferred capital gain on the sale of a home is $500,000, right? Well, actually that’s wrong. That’s the maximum excludable gain...
by Bill Houston | Nov 14, 2016 | General Tax Info, Real Estate
Will I owe taxes when I sell my home? This is a very common question and I am happy to say that most people don’t owe taxes upon sale of a personal residence. So, let’s review the rules. Individuals are allowed to exempt up to $250,000 of gain and married...
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