Reported 4 months ago
When selling a house, homeowners can avoid or reduce capital gains taxes through options like the Section 121 Exclusion, adjusting the cost basis by including improvements and related costs, and utilizing losses from other investments. Consultation with a financial advisor is recommended to navigate complex tax laws and maximize savings, such as reducing a potential gain of $675k to $365k by considering various strategies. Establishing a plan with a financial advisor can help manage real estate taxes effectively, especially when preparing for retirement.
Source: YAHOO