Should I Gift or Inherit My Home to My Children: Tax Considerations?
Description:
In this two-part episode of "The Jones Zone", your trusted resource for building wealth and knowledge in real estate, Darryl Jones and special guest Pat Leung answers this question and more while taking a deep dive into the tax implications of selling your home. With a detailed discussion on capital gains taxes, home sale exclusion, and tips to minimize your tax bill, this episode is packed with insights that could help you make the most of your home sale. You will not want to miss this one!
Episode Highlights:
- Understanding capital gains taxes and how they're calculated when selling your home
- An exploration of the home sale exclusion and how it could help homeowners exclude up to $250,000 (or $500,000 for married couples filing jointly) of capital gains from their tax bill
- Practical tips to help minimize your tax bill when selling your home, including keeping track of home-related expenses, timing your sale strategically, consulting with a tax professional, and considering a 1031 exchange if you're selling a rental property
Key Questions Asked:
- What are the tax implications of selling a home?
- How can homeowners minimize their tax bill when selling their home?
- What is the home sale exclusion, and who is eligible for it?
- How does the timing of a home sale impact the tax implications?
- What is a 1031 exchange, and how can it be used in a home sale?
- How can a tax professional assist homeowners in navigating the tax implications of selling their home?
Guest Information:
Pat Leung - Tax Consultant
Find Pat at: www.leungtax.com
Phone: (949) 430-0338
Please note that the episode provides general information and listeners are advised to consult with a tax professional for personalized advice based on their specific circumstances.
Contact Darryl:
Darryl & JJ Jones Real Estate
Email: darrylandjj@gmail.com
Phone: (714) 713-4663
