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Watch Out For Capital Gains when Selling Your House

Jeb Smith 100 views

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little help in not showing the forms to report
Comment from : @gvet47

I co-owned a house with my mom She wanted a house and didn't qualify by herself so I helped her by signing the mortgage Both of us were on the mortgage and title/deed I never made mortgage payments, she did I did not give her money for the down payment either My mom lived there for 5 years I only lived there for 5 months My mom received all the money from the sale of the house There was $130k in gains for her The house was purchased for $250k and sold for $380k I did not receive any money at all Will I have to pay capital gains taxes because I did not live there for 2 years?
Comment from : @JuanMartinez-zz9xy

I’ve heard a lot of explanations, this one here is it!!! You did a magnificent job of explaining in terms almost everyone can understand THANK YOU !!!
Comment from : @FernandoDeJesusPonce

What if I haven’t live there for 2 years of the past 5 years? Any way to escape the CGT?
Comment from : @amrithakadungath

this could have been a 3 minute video
Comment from : @cristianorozco5675

I want to sell in FL and it’s only been a year we e lived in this home But we won’t get close to $250K in profit So does the 2 yr rule not apply here?
Comment from : @KarenHernandez-rm6je

😮😢❤❤❤❤❤🎉thank you
Comment from : @BaileyZLeone

What if the person wife has passed away & wants to sell? My father wants to sell now that my mother has passed away
Comment from : @outlaw3572

OmgoodnessbrI bought my farm 27 years ago for 115kbrSellung this year for@1milbrWill I have to pay 20 on roughly 900k as a single woman?brShould I get married again before I sell?
Comment from : @sueellenmcgoey

What if you sold your home you’re married but separated and filing separated and you lived there two out of five years Do you still get the exemption if you were married, but separated?
Comment from : @Toyotaguy

What happens when it exceeds the 5 year window? How much capital gain should i pay in Washington state
Comment from : @Scireforall

Why did you make this video if you’re not a cpa?
Comment from : @andrewtisdale3642

I co-own a house with siblings Which we’ve rented out I would like to buy them out but I forgot about the capital gains I’m the only one that lives in area So I don’t think they’ll come to live in the house in order to sell it to me We live in CA Do you know roughly what capital gains will be?
Comment from : @lfuentes4098

What if you trade houses of equal value? How does that affect capital gains?
Comment from : @lisad6106

You covered all my inquiries Thank you
Comment from : @lorenzolr2074

Canada or US? I’m trying to get to the bottom of this in Canada Thanks
Comment from : @SamMacleod-q1f

Great info man thank you
Comment from : @sivhuskycarrillo8395

Thanks!😊
Comment from : @SteveBeccaLuevano

In 1774 the folks in Massachusetts began revolting when King George imposed a stamp tax of 5, which ended up in an all out independence war in 1776 brToday we get "legally" robbed in some legalized Al Capone style extortion scheme, but unlike 250 years ago, the American people stay quiet and just bend over and pay What's wrong with that picture?
Comment from : @davidanderson1889

Cap gains are yet another taxing scam!
Comment from : @raz1739

What if I own two homes at the time of the sale But my home qualifies for a sales tax exclusion I saw on the California website you can only own one home at a time
Comment from : @samknows86

"I'm not a CPA"br"But here's some tax laws I have no authority talking about"
Comment from : @butwhytharum

I feel like focusing on a $500,000 house and $1 million profit and all of that is not really a good example to help folks understand capital gains If someone is looking to understand capital gains on YouTube they most likely are not profiting $1 million off of their homes I think this would help more folks out if you use more realistic examples for instance someone selling a $450,000 home that they initially purchased for $400,000 and haven't paid it off
Comment from : @jay-jay017

Does it have to be “exactly 24 months” meaning if I paid cash for My Home on September 1st, 2022 and Sell it September 15th, 2024, do I have to pay the capital gains tax? I paid Cash, so I don’t want to have to pay taxes on the money, I already paid taxes on when the money was made
Comment from : @Nikkisweeets

I appreciate you sharing your knowledge, extremely informative and helpful
Comment from : @lauriemichael7528

I thought you only had to pay capital gains if you sold the house in less than 2 years of ownership
Comment from : @AmyMilliken-j5j

Example you have a capital gain of 500k but only exempt for 250k of it Couldn't we use the 1031 to buy a new primary home after the exemption limit if we can't deduct the balance that's left after the exemption? 🧐
Comment from : @STARSFashionArtLove

If you dont make more than 250k profit there is no capital gainskip all these stupid videos I AM A CPA, I AM A PROFESIONAL
Comment from : @keepitthoro6768

Very informative! Thank you! If you’re single and make under 40k a year, do you still have to pay capital gains taxes on a house sale? I’m located in Rhode Island
Comment from : @CatsAreNiceMeow

We need to End captial gains tax
Comment from : @ineffableconsulting2295

Avoid capital gains, write off: brbrExpenses to write off commission to real estate brHome improvements on property
Comment from : @Glamourlifebeautifulvibes

Single: 2 years! Primary housebrbrMarried: 500,000, lived in 2 years!
Comment from : @Glamourlifebeautifulvibes

But in order to qualify for the exemption of 500 or 250 do you have to purchase another house?
Comment from : @Olivia-pe5vf

thank you for information 🙏
Comment from : @bikramsingh3198

Bougth land january 2022 i start building my house finished house feb 2023 till now march 2024 is that count as 2 years living ?? Since start building
Comment from : @montecarlos2607

Jeb, thanks for covering this topic Imo it would be constructive to discuss, perhaps in another video, the Medicare stealth tax that can descend on people who make capital gains beyond certain thresholds The extra premiums fall into a category named IRMAA A homeseller can find himself (herself) having to pay $559/mo instead of the customary $17470 Planning can mitigate the liability, but probably not eliminate it
Comment from : @mm-tc3kt

video starts at @1:50
Comment from : @Regalman

What about inflation? I don’t think there was any mention about inflation We have lived in our home for 20 years, and I would say that the largest chunk of return on our house is due to inflation of home values due to the great decrease in value of the dollar
Comment from : @paul9120

Are Capitol gains state taxed or just federal taxed🤔 and is it only on the gain and not your 250k?
Comment from : @monilove19

What about 3 year period
Comment from : @Luis-d3q5u

We’re couples sold our primary home and wrote off 400k 6 years ago Bought another primary home 500k and today price go up to 1m My question: if I sell primary home now, do i have to pay capital gain or i can write off tax again? Thanks
Comment from : @vivian692

I was told you can only deduct all upgrades, repairs and additions that was done to the house 90 days prior to listing the house for sale? True or False?
Comment from : @enmemoriadegladysferrer7973

He forgot to mention that if you rent your house out at any time Than you lose all capital gains if you end up deciding to sell😉
Comment from : @jayb8460

I am planning on moving to the next town over in the next few years, but I can't just sell my current house and be homeless until a place I like pops up (I don't want to rent because it might be a few years until I find the right place to buy) So if I buy a new place and start living there right away, I essentially have nearly three years to sell my current house to avoid capital gains on it?
Comment from : @rickyiglesias5384

what paperwork clarifies that youve lived in it the past 2 of 5 years?
Comment from : @kingmode4

How long do you get after the sale to put the money into another primary home?
Comment from : @IndieFilmmakingAlchemist

We have a loan for $114k but our home is bow worth almost $300k I feel like we need to get a new home because we dont have enough bedrooms now Is there a way to just like Switch our mortgage to a new property and keep our 3 interest? My husband is worried we will have to get a brand new mortgage with a way higher interest rate Please help I am desperate here
Comment from : @nicolereadstarot

give an example for non primary residence and how much money comes to pocket after taxes
Comment from : @bayareacarnatic

What if you haven’t lived in the house, can you take the earnings and put it toward you’re current residence?
Comment from : @morlenb3841

In literally closing on selling my home in a few weeks and I have been trying to research this so I know how much I can sock away
Comment from : @MrAWorthy1

the exemption has bee $500 K FOREVER its way past time to adjust that number to $1 MM based on a inflation adjusted alone or go back to the prior to 1997 code come on Congress !!
Comment from : @cjeccher8128

How much housing inflation have we had since 1997? Many people might like to move, but $250k or even $500k doesn’t cover it Greedy tax man
Comment from : @chuck_in_socal

Thanks for your video is very informative Sir, I have a question, I am planning to sell and buy also a primary home I'm getting my income from SSI, how it's going to affect me? I'm calculating my profit after I sell and is going to be around 200-150,000 Please help me Thanks 🙏👍
Comment from : @MariaSantos-ni6cv

@jebsmith What if the individual doesn't have a SSN and only has an ITIN? Would these benifits still apply?
Comment from : @michaelgallo3630

For $500k exemption, does it matter if both spouse’s names are on the mortgage or not or do they just have to file as married to qualify?
Comment from : @TheNotMeTube

Very valuable and useful information, thanks
Comment from : @ludwigcopenhagen8842

Hi! What happens if you put 20 down added to the property and sold the house less than 2 years living there Bought at 400k and sold at 415k are we only taxed on the 15k even if we get 80k back from our 20?
Comment from : @adventurewtwo

when the house i inherited from my dad sales who do I go to to get tax advice what taxes do I owe
Comment from : @carolmaplesden916

What if we are selling a commercial building that has been our private residence for over 10 years? We did have it zoned as residential a few years ago with the county property assesors office What would be our capital gains scenario? Thank you :0)
Comment from : @skb2154

How many tax filings , do u need to file to be considered married 2 yrs tax filings ?
Comment from : @zeekflash6924

One way getting around it is if you’re moving for a job Is that ONLY if transferring a job or could it be for a brand new job with a different company?
Comment from : @lady_of_mayhem_

If you want to avoid capital gain you should refinance 1st to take some equity out and than sell it
Comment from : @elizabethp4148

Hello I live in Arizona and about 2 years ago I turned it into a rental property and its being rented ever since Before it was rented, I lived in it for 2 years I plan on selling this place next month Do I still qaulify for the 2 out of 5 rule although the property has been being rented for the last 2 years?
Comment from : @shawn7283

Just say the percent
Comment from : @bluedreamchicago9319

Taxes are a 50ml and Two Gram Rummy
Comment from : @hemantparakh6462

Is solar considered a home improvement write off?
Comment from : @2legit2Kwit

Oh my selling a home and hadn't even thought about capital gains Ugh
Comment from : @ruthrecord6430

Thank for your knowledge !!!!
Comment from : @MezikeEllzy-or8sh

So what I’m hearing is is that, I am house poor and as a married couple are jobs are not going to improve for the rest of our lives, I can sell the house, move in with a relative and use that money to help my superstar kids go to college, is this correct?
Comment from : @ChrisMilton74

Thank you, this was the most simple and perfect way for someone to explain this subject greatly appreciate it
Comment from : @littledreamer123mg

Very quick and good information Thanks 🙏🏽
Comment from : @sharongbolahan9878

Can you make a video with Capital Gains (TX) for a rental for 10 plus year for military personnel station at another location A lot of these videos are made for civilian personnel Thanks again!! Great Videos!!
Comment from : @bennycantu1044

So do you still have to file and tell the irs if you qualified for the exemption? When I sold, the title place mentioned sending the irs a copy of the transaction?
Comment from : @TexasMonsters

This is sooooo informative and educational! Thank you for this! 😊
Comment from : @JoseSantiago-hv3xm

I just moved in my house 3 months ago and may have to just face capital gains unfortunately as I'm already considering selling due to hearing gunfire just about every week since I've been here
Comment from : @brandonjohnson5205

Does that mean I have to own property for 5 years? I currently lived and own my home for 2 1/2 years will I qualify? Thanks jeb enjoy your videos👍
Comment from : @GreaseMonkChronicles

Is this for every state cuz we live in Florida
Comment from : @jimmywadsworth5440

The 2 out of 5 year rule confuses me We’ve lived in the house for 4 years Do we still qualify for the exemption?
Comment from : @brendapena6319

Hi, I am in Pheonix, AZ Do capital gain tax apply to mobile homes? I bought the MH 4yrs ago and have been paying the taxes on it, the thing is That I had a problem getting the title transferred to me for the longest time I FINALLY got the title transferred 6 months ago and now I'm selling the MH at a nice profit The land is leased at $600, and I was a private buyer that bought from a private seller I already bought another home in FL 4 months ago and plan on moving there when this is sold Can the Capital G tax (if any) be deferred to the new home??? I am unemployed 56yrs old And these are primary residents for me It does show on the community lease that I have been here since 2017, but the tax office has the previous owner on their records paying the taxes up until 2021 Am I screwed😣brWORRIED😓
Comment from : @tedzagami7801

6:56 $275K --> $225K
Comment from : @ajkbjj

Thanks for the info! I bought a property on my own income and loan (under my name but married) when I sell the house will my gain be taxed as single or married? Thanks for your help in advance!
Comment from : @homesweetnest14