It’s always our goal to provide you with the best information so you can make the best decisions. There are 3 things I’ve noticed seniors are misunderstanding about taxes.

You Don’t Need To Buy Another Home To Avoid Capital Gains Tax

In the old days to avoid paying Capital Gains tax when you sold a home you needed to use your profit to buy another home. That’s no longer true.

The IRS code allows you to avoid paying tax on up to $500,000 per couple ($250,000 per person) if you have lived in the home for 2 of the previous 5 years. That means if a couple bought a home for $400,000 and sell it for $900,000 you wouldn’t owe any tax.

The best part is you don’t need to buy another home to take advantage of this loophole. For more information…

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