Looking to sell your house while sidestepping capital gains taxes? Explore these options:
1. Primary Residence Exclusion: Qualifying homeowners can exclude up to $250,000 (or $500,000 if married filing jointly) of capital gains by living in the house for at least two of the past five years.
2. Roll Over Proceeds: Reinvest the sale proceeds into a new primary residence within two years to potentially defer capital gains tax.
3. 1031 Exchange: Opt for a 1031 exchange to sell your house and invest in another property without incurring capital gains taxes, subject to specific rules and deadlines.
4. Charitable Donation: Donate your house to a qualified charitable organization to potentially exclude the capital gain from your taxes, adhering to certain limitations and regulations.
Consulting with a tax professional is crucial to assess your unique situation and determine the most suitable strategy.
Home Buyer For Cash LLC is a company that purchases, rehabs, and then sells houses at a profit. Offers are made to sellers based on market value and repairs needed. Home Buyer For Cash will do everything possible to bring forth the highest possible offer while at the same time giving seller the benefit of a fast sale with no repairs, cleaning, or work on their part.
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