Posted On: May 2nd, 2022 5:45PM
Watch this short 3-minutes video and see if your home has turned into a gold mine on which you may be sitting.
What will it cost you to cash out on your home?
Your home is one of the few assets you can profitably sell without paying capital gains tax.
As long as you’ve owned the property more than two years, and lived in it as your primary residence for
at least 2 of the last 5 years, a married couple filing jointly has a maximum $500,000 of tax free gains.
For single people, or married couples filing separately, the exclusion is $250,000.
Anything over that will be taxed up to 20% - based on income.
If you would like to have an Equity Review analysis, please reach out to me at 602-710-8161.