Capital Gains On 2nd Property - (Primary Home Exclusion?)

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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice. of the information contained herein without seeking professional legal advice.

[andygordley]

Question: If I sell my rental house in Pennsylvania and invest that money in another rental property that I purchased a few year ago but I'm trying to pay down the mortgage, can I get the 1031 exchange? Also the property that I want to pay down is in Costa Rica.

[mausbornmausborn]

Question: I bought my home in 2003 for $289, 900. My wife and I lived in it as our primary residence until May 16, 2021 (we claimed FL Residence May 17, 2021). We have a good solid contract set to close on June 9, 2022. Selling Price is for $535, 000. I'm assuming we qualify for the exemption. The home is not my primary residence presently, it is a second home presently. Help!!

[TobyCostaRica]

Looks like for my parents who have combined income of 50k/year can sell their second home without any capital gains tax?

[shawn]

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 qualify for the 2 out of 5 rule although the property has been being rented for the last 2 years?

[ryanlewis]

Hi guys I have a question about my situation and would love if you guys can help me. I bought a house July 2019 and had to move so I rented it out May 2020 until now July 2024. I also refinanced two years ago and make it an investment property because I bought another house. Can I do the capital gains tax exemption? I moved for work so I can do a partial I believe but not sure if I can now cause it’s an investment property?

[donsergio]

Interesting video! Who would you recommend for a 1031 exchange?
I have an investment property in TX and I am planning to sell this year.

[lnkinc]

Whatvfirms are used for the sale of the second home would it be the 4797 and sch D

[flightmedic]

I have sold my primary home last year and moved into a home I had as a rental, I’m planning on selling the one I’m living in now to buy another primary home. Do you know if I have to pay capital gains if I use the profit from this one for the new purchase ? Thanks

[kimla]

Question. I purchase my house back in 1998 for $110K n now I sold for $285K. I’m single n live over 20 years. My primary house. Do I exempt capital gain for single 250K ?? Please explain

[thereasoner]

How does the 121 exemption apply if I buy a bare piece of land, then improve it by building a house on it, move into the house, then decide to sell the home. What is considered the beginning date of my 2/5 year primary residence test? Is it the date of the occupancy permit being approved, assuming I move in that day? Is the date I acquired the bare land? I am trying to decide if it's just more convenient to treat the property as a second home/non rental investment, and pay the long term Capital Gains rate, since that appears to reference the date of purchase of the bare land as the original date of ownership. That would reduce the overall time required to sell the property to basically 1 year and 1 day, instead of 2-3 years of construction and living. Can you clarify please?

[Kooshad]

Question. I'm selling a home that I lived in for 3 years of recent 5 years, and I'm wanting to sell the current primary residence also. But, I've heard I need to have 24 months between the 2 sales. Is that true? Is there another way to deal with the second home, per my described situation?

[serjmusiccrosstown]

I have 2 rental homes which i dont live in in the uk . I lived in both at different times .in times past
I havent lived in 1 since oct 2016.
I now am resident in Portugal .
If i sell both can i turn the profit into a new rental house and only pay capitol gains on the remaining profit ?
Thanks

[chita]

I inherited a house and listed it under my LLC many years ago at a base of $100.000. If I gift it to my daughter at a base now worth $500.000 and she makes it her personal home for 2 years and then sells it for $500.000 does she have to pay capital gains or is there any tax implications to either me or her?

[christopherbeddoe]

So you rent it for a while...
Do a 1035 exchange...
Buy a new house you want to live in...
Sell the current house you are living in with no capital gains due to the exemption.