How To Avoid Capital Gains Tax When Selling Real Estate (2019) - 121 Exclusion Explained
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- Опубліковано 21 чер 2018
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Discover How To Avoid Capital Gains Tax When Selling Real Estate in this provocative video by Toby Mathis founding partner of Anderson Business Advisors, attorney, and author of 'Tax-Wise Business Ownership'.
You're about to learn insider tips on 'Selling Your Home Tax-FREE!'.
Find out what happens if you buy a house and convert it into a rental property that tanks. Do you get to write it off?
What about if you buy a house, live in it as your private residence, it tanks and then you convert it to a rental that you later sell. Would you be able to write that off your taxes?
Capital gains are what we're talking about when you sell an asset. For homes, there's an exclusion to the capital gains referred to as 121 exclusion.
What about home offices, where you did the home office deduction as a sole proprietor, that's also considered depreciation. Would you be able to recapture that?
You'll get step-by-step real-life examples from Toby Mathis on how the rich avoid taxes when selling their homes in this video.
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By far the best explanation with examples of the 121 Exclusion I found, and it took 6 videos to get here. Good job you now have another subscriber.
Hi Frederick Soileau, Much thanks for watching and commenting.
Thorough explanations with examples for the 121 exclusion. Thank you.
Your videos are awesome! A lot of knowledge when it comes to this type of stuff! Great information!
Thank u for this amazing video. I watched bunch of other people's videos and urs explained it all and thank u!! Totally subscribed
Toby.... I am so appreciate your video. I work all my life and put so much money and time to fix my home . Hoping to passing down to my children. But now they all grow up and want to live in different place. So I want to sell but worry the huge capital grains. But now I can release to know that I can add the cost of renovation into my basic. Thank you so much and looking forward to learn more. Thank you for your time to make this video.
Best video on capital gains/121 & 1031 exchange! Thank you so much for the detailed information! 🙏
Good analysis. I really appreciate this upload, it will help in my recent home sale. Thanks for the upload.
This is awesome information, thank you. I wish I could push the like button 100 times
Excellent presentation, highly informative. Combining a 121 tax exclusion with a 1031 exchange-brilliant.
It really is a great way to avoid taxes!
Excellent, thank you so much for sharing this information. You should have more "thumbs-up".
I appreciate this video. TY for your content!
This is excellent. I thought it was very clear.
Great Information.
Thanks!🌿
Best video on capital gain exclusions with details on various scenarios of disqualified period. Most other CPAs totally leave out those details that is so crucial for decision making.
Here's the huge/ colossal mistake that Toby - the esq. FAILs to mention throughout his entire montage!! please correct me if I'm wrong.... but when you intermix your primary residence into being a rental - there WAS great tax savings for your parents and grandparents BUT this great benefit of $250k/$500,000 cap gains exclusion IS NO LONGER here for you! The rental period is now PRORATED OUT by the IRS.. About 20 years ago, your politicians changed the tax code so you no longer get 100% of the cap gains deduction WHEN you rent out your "primary residence" for any amount of time... it is now prorated ! Why did Toby not mention this? This is huge- and borderline malfeasance. Terrible lawyering! Again, gndma & gpa used to do the "2 yr outta 5 five yrs" rule ( with each one of their rental homes)and get the full $500,000 deduction over and over !! ( if they had any depreciation). YOUR politicians took nugget away from the middle class two decades ago. Shameful that TOBY didn't even make any mention of this. It does this audience a real disservice, and I hope noone listens to him, plans on renting their home and then gets screwed at the time of home sale because they were counting on the full $500k deduction based of his terrible advice.
I can't remember if it was G. Bush or Clinton that signed-on to this awful IRS change but it was a sad, sad day.
The current " 2yr out of the last 5" rule works like this: example - ma & pa enjoy 20 yrs of home appreciation of 1/2 million dollars, AND they choose to rent it out 18 years and live in it for 2 years. Their new plan is to sell this house and travel the world rather than shelter all this appreciation into a trust for the grandkids because to their great disappointment, their posterity have turned woke and are explaining that communism would be better for America.
At time of sale they get only 10% deductibility off that $500,000 "121-exclusion", not 100% like gpa& gma used to get. Pro-rated rental years: 18/20 = 90% (taxable).
Now they have to buy an old used sailboat and not a $500k yacht.
Beware of crappy lawyers, 'esquires', and financial advisers.
@@dangersDv I think he actually mentions it as I'm in the same boat. He mentioned that if you rented it out for 10 years and decide to move it the last 2 years and sell, the capital gains you're exempt would be 2/12th. You would also pay back any depreciation which he also mentioned
Always amazing content. Thanks!
Hi Karina Rivas, glad you liked the video and found the content useful.
The best down to earth explanation ever
Wonderfully helpful. Thanks
Great in depth explanation!
2 Questons:
1) We owned and lived in house #1 as PRIMARY for 8 years. Then leased it for 4 years. Moved back at the four year mark for 2 additional years as primary.
( I did claim depreciation during the rental period).
If I sell it after I made it my primary for those last 2 years, will I owe capital gains?
OR will it be washed off because I went back to live in it for 2 year as my primary?
2) owned house #2 as PRIMARY for 26 months, I can sell and avoid capital gains under the $250/$500 rule as you just described, correct?
thank you so much!
Excellent! You helped me!!
So helpful! Thank you for sharing this!
I'm glad you found it helpful!
thank you for your content. What if you have only lived in your primary residence for 1 year?
Hello Toby, thank you for your videos, they have been very helpful. I have a question: bought a new home in 2021 (new construction) and lived in it as my primary residence and now want to sell it in 2023 (24 moths later) am I still able to use 121 exclusion? Thank you.
Great information!! Thank you but I have a Question..
I bought multi single family property ( 2 houses)in 1999. I lived in one of the houses for 6 years and the other house I rented. I want to sell the property I bought in 1999. I a bought second home in 2006,which became my primary residence since Oct.2006 . I have been renting the property I bought in 1999 since I purchased it (1999).
My question is, do I qualify for free tax since I lived 6 years ( 1999-2006) in the property I want sell ?
What about having a duplex after living in it for 2 years and renting the other unit out but moved out after 2 years but decided to keep it for like 5 more years and wanted to sell after 7 years?
Thank you thank you thank YOU!!! Great video
Glad you enjoyed it, thank you for watching our video!
Great info. What if you lived in the house for the first 1 year and 11 months and then sell it just 1 month outside of the 5 years?
Wooow! You're an enciclopedia of information . Thank you.
Thank you for the kind words, we hope the information proves helpful.
My parents lived in a house for 63 years, they bought it for 20K and sold it for 330K, my dad died in 2017 and the house sold in 2020. Should this not fall under living in the house 2 of the last 5 years? It would be hard to believe that my mom would have capital gains on a house she has lived in for 63 years just because she is a widower.
I'm wondering the same.
This video is regarding rental properties, not primary residence. Your mother should be fine without paying capital gains.
You pay capital gains only when you sell the home. Seek a tax rep.
What happen if a person owns the primary residence for 3 years then transfer it to a LLC with a HolCo LLC as well and continue to live in the same house, does 121 still apply? Thanks!
I am selling a house that I purchased in 2016 and I lived there for 3 and a half years. I turned it into a rental and moved to new house in 2019. Do you know if I will have to pay capital gains if I sell the house I purchased in 2016? Does the 2 year rule apply?
This is the best tutorial I have seen.
I am selling my primary resident house for $500 K.
The house cost + real estate buy + sale expense 20+ years ago = $150k
I believed I can take $250k write off.
$500 - $150 - $250 = $100 k
What is the best way to write off Remaining $100 k
Can I place $100 k on a trust. Withdraw it next 5 years to average out the capital gain?
Or
Used $100 k to purchases a land to write off ?
Thank you
what if I live in one side and rent the other (duplex). for 10 years and then sold. Do I get the exceptions?
What if I am forced to move due to a de-conversion of my building?
As always great video Toby. What if I sold my rental and did a 1031 exchange but decide to not rent it out and live there. Is there an issue there?
Best 121 Exclusion explanation... Do you have video for 1031 combine with 121?
Trying to figure out how to consolidate properties into one single property to purchase property in San Francisco.
Yes I would like that information as well. Especially going from a 1031 replacement property into my personal residence.(after the two years and all)
very informative
if i sell my primary residence, including all the furniture, before two years and buy an RV for full timing will i still have to pay capital gains? Anyone can answer this and provide a link for your answer. I’m still reading through the IRS publication and it’s not specific to my scenario. This is FY 2021 and soon FY2022 (Sep 2021).
Can you give example of brothers on tile. My bro helped my refi Jan 2020 and in turn he was apparently placed on title. So after 2 yrs he would get the $250000 exemption correct? Then I get the $250000 exemption of course as I have owned for 20 yrs. His cost bases the same as mine? We owe 200000 and sell for 1000000 having $800000 in profit. What does cap gains look like in this scenario?
How would refinancing my mortgage then selling my mortgage to my business for rental investment purposes work? Is this possible as long as I have money to put in this type of business strategy? - Precious
I'm selling my rental property that I lived in myself after my husband forced me to move out of our marital home, which was another property. I lived in my rental property myself from July 2015 til August of 2016. Then I rented it out from Feb 2017 til end of July 2021. Do I get to take the partial exclusion since I lived there for a year out of the last 6 years? (I got divorced in July of 2016.)
Great content!!!!
Just scratching the surface when it comes to capital gains. Glad to know it helped you. Thank you for your response and for watching our videos.
I have two houses one living in and the other is rent out over ten years now never have lived in. Now I'm thinking to sell the rental one and use that money to buy a new home for living in in another state. Do I qualify for tax reduce from the sell gain?
So what if you have lived as your primary residence on the property for over 2 years but you have not lived there 5.... say that you sell after three-and-a-half years will you have to pay the capital gains?
Learn how to use the IRS tax code to your advantage and keep more of what you earn during this free webinar. aba.link/0am
You are great!
4:39 If you are an expat...What do you mean by that?
For example... I'm an American, I owned this property for 5 years. and I lived there for three out of the last 5 years, but the last two years it has been rented. Two years ago I moved overseas where I became an American expat in Italy. Would that mean that because I am an expat I cannot take the 121 exemption when I sell the house at the end of this year?
If the house is purchased as a rental and rent it out for couple years, then i make it as my primary home for 2 years before selling it. Do i still qualify for section 121?
Toby thank you for this video. So, just so I get it correctly…you have to have “owned” the house for 5 years?! That’s the first thing…you have to have owned the house for 5 years, and then figure out the rest? Like the 2 year living there etc? Here’s my weird situation. I closed on my first home in January 2021. New build. I park a car in the garage and all my stuff is in boxes in the garage but I have only slept there a total of 30 times to check on the house in the last year. I have been renting a room, 3 hours away, in another town so I can be near family. I’ve decided I like being near family and I never want to live in this home but it’s in my name, I pay utilities etc. now it’s April 2022, so it’s been 14 months. There is no point to keep it till January 2023 (the 2 year mark) cause I won’t get any tax break anyways….correct??? I’m single and I only go there to check on it. Thank you!! If you have time to answer this! 😄
Awesome info! Thanks!
So after exclusion, if I sold today, we need $500K in profit, which I know and understand is subject to capital gains. If I live in California, does the IRS and the franchise tax board hit me with capital gains (ie, both the state and feds)?
Hello. My husband and I both owned our own houses prior to our marriage. We then got married and bought a third house as our new home. Then my husband sold his old house in 2018 and I sold my old house in 2019. How can we file taxes for 2018 and 2019 so that we can get the capital gain exemption for both sold houses? Do we have to file married but separately in order to get both houses capital gain exemption? And also by qualifying the exemption? Do we still need to fill out form 8949 and schedule D?
Excellent information😍 thank you
Our pleasure 😊
Question?? House purchased in 1973 for $37,000. Received house in divorce in 1980 valued at $200,000. Selling home for $550,000. Can I use the $200,000 1980 price when calculating capital gains. Thank you
What about a simpler example? 1st home lived and owned it for 10 years. 1st did not use it for rent or business. Primary residence. Bought a 2nd prop with 3 units. rented one unit. Moved into the 2nd property. Now the 2nd property is the primary. What if i rent the 1st property for a year? Can I sell the 1st property in the 2nd year or 3rd year and avoid capital gain tax?
Good video! Thank you.
Would like to further ask a qns since this video was 2 years ago. Is the partial exclusion moving farther 50 miles still valid in year 2021?
It says Moving for work, would going back to graduate school consider the same? School starts in June 2021. And my house would be only 2 years in sept. Any info would be greatly appreciated!
Moving for school might not qualify for the partial exclusion under the Moving for Work, but it would most likely qualify for partial exclusion under other circumstances. The IRS allows partial exclusion if unforeseen circumstances resulted in having to move. Returning to grad school could very likely fall within that category.
I bought a house in December of 2015 and lived in it for the first 2 years. After which, I converted it to a rental. If I were to sell it at the end of 2019 (when the tenant’s lease ends) would I pay capital gains tax? At one point in your video you mentioned an example of living in a house the first 2 yrs then selling in year 4 and it confused me a little.
In order to avoid the tax, would I have to wait until the end of 2020? I ask because I’d rather sell this year than next if I can help it.
You don't have to wait. You should do it within 5 years after purchasing your house as your primary residence, and lived in it for at least 2 years.
married both live in the house for 25 years but married filing sep is that still ok for the full 250 each ? Plust the house is only in one spouce name.
What if I own the house for the past 4 years and have been living there since, and now I’m selling it. Would that qualify on ownership timeline since it hasn’t been 5years?
thank you for good video
Always welcome, thank you for joining in on the discussion.
what if you owned a rental multifamily that you lived in one of the apartments? Can you still pick up the exclusion but still have to calculate the recapsure depreciation that had been picked up in the rental?
Would love to know as well!
You can totally do the 121 exclusion for the portion of the property you used as personal residence. And yes, you will have to calculate depreciation recapture on the rental portion.
So I lived in my house for 15 yrs / about 3 yrs now I have it rented / can I avail of 121 if I sell it 2 yrs from now ?
what is the rate they charge you for cap gains ?
Hello, I have a question please. My situation is that my wife and I are seperated but not legally for 4 yrs now and I live in an apt and she lives in the property. We have owned the property since 2001 and currently to this day. She has lived in the property previously since 2001 and we both have been on the title as well since then. My question would we both be able to select code 121 if we both file Married Separate and what are the requirements or exclusions once sold that we can do with the cash please? Thanks
121 does contemplate your situation, but requires a written agreement between you and your spouse giving her the use of the home. In a nutshell, there are 2 issues: ownership and use. You meet the ownership if you are on title. You can meet the use if you have an agreement with your estranged spouse. Because you file separately, you would each take a $250,000 exclusion on the capital gains.
What if you buy a property through your business and rent it out to yourself?
I have a question what if I have no income due to been a disabled veterans and I sold my primary property around 15months after buying. I gain a profit of 55k do I need to pay capital gain if I am married and we both have 0 income
c
Can you deduct the amount it costs you to rehabilitate/upgrade the house when calculating that amount of capital gains? For example, I purchased a house for 100K sold it for 600K but spent 100k in upgrades, therefore the gain is 500k no capital gains tax for a married couple
Yes - improvements are added to the basis of the house (basically, the costs for purposes of determining the gain). In your example, your basis would actually be $200,000 (the purchase price of $100,000 plus $100,000 of improvements). Your gain would be $400,000. If you lived in the home 2 of the 5 years prior to selling as a primary residence, you would receive a capital gain exclusion of $500,000 as a married couple.
Does this apply in Australia ?
I inherited a house with my brother seven years ago which means 50/50. However, Im the one whose been paying for everything. My brother has severe autism and with his mother . It’s still not tight for him to get half when he hasn’t paid shit .
I bought a home in 2020 for 32,000, fixed it up some, and refinanced it for around 60,000 in 2021.. The next year, in 2022, sold it for 102,000. We only lived in it for about a year and half. I know all the work I did can be added to the base. But what about the refinance? Since we paid that loan off when we sold the house
If you own your house in a trust, and buyer holds his funds in a trust account could you swap trust and avoid taxes all together? Granite all the paperwork is properly completed
No.
Tobi how about if the property gain is 800k which is more than 500k ?
Hello, my wife and I bought a house in a foreign country after we retired on SS. This was 12 years ago. We've been visiting the kids back in the states on and off during all this time, spending months with them in their homes. We did not have and actually don't have a primary home in USA and we have used one of my daughter's home address as our own legal address in the USA.We never change our address to this foreign country and listed as our primary home, but this is what we consider our home, where we always go back and spent months in doing so each time, we have been doing it for all this years, for sure 24 out of 60 months. Do we qualify for 121 Exclusion?
You'll want to look in to the tax law of the foreign country the house is in. Section 121 exclusion is a United States tax law, so I dioubt it would cover the property in a foreign country.
What if I inherited my house. I lived in the house all my life. 30 plus years. My brother was on the deed... So he was the half owner as well. So after my dad passed my brother decided to file chapter 7 bankruptcy. That left me in a bad position and had no choice to sell it. Sold the house for 755k but i took my half which is 377k. Do i still get taxed? And if i do when do i get taxed?
When you inherited the house, the basis stepped up to the fair market value on the date of death. Any gain after that can be avoided if you meet the requirements of 121.
My home was a rental for 8 years, now I’ve lived in it for the past 18 months. I have medical documentation for insomnia for over 10 years. Is my insomnia a qualifying medical/health exception for a partial of exclusion of 75% of the $250,000 if I sold it now instead of waiting another 6 months to make the 2 years? I commute far to work, so at times I find falling asleep while driving.
We would have to look more closely at your specific circumstances, but generally, a taxpayer can qualify for a partial exclusion under Section 121 for health reasons if they must move to obtain treatment or a doctor recommends it.
How much you can claim as tax free capital gains $250,000 or $500,000. If you have been married filing jointly for 25 years, lived in the house continuously for 8 years as primary residence for husband and wife however title is in husband’s name only for past 8 years? Thanks
Does this matters if you are a natural or solvent Citizens that doesn't pay taxes?
Hi Please help, So my dad own the house but he pass a way ( he have my name and mom as a joint tenant in the house) . I been live in this house since April 2008. After couple months of his death, my mom want to take his name and her name out (using quit Claim deed). Pass the house for me as an owner In Sep 2019. Now if I want to sell the house do I get to have the $250k exclusion?
My girlfriend and I ( never married) are co-owners. Both lived in the home for the last 4 years as a primary residence. do we both or each have the $250,00?
Does this apply to condos?
Would have a roommate for a few years whom you had collected rent from, count as a partial exclusion of 121?
nope - you lived in it as your primary residence - so you're good.
did you do cash, or did you report all that income to the tax man ( not that it matters - you're still good)
Can you roll any capital gain into the new primary residence? For example; home bought in 2000 for $350,000, sold in 2020 for $900,000, single. Capital gain $550,000 - single exemption of $250,000. $300,000 gain left. New home $900,000. Still tax on gain even though it needs to be used to buy a comparable property?
of course - you can 1031 exchange some or all of it, right into the next home. sorry I'm not answering the REAL question. But $550k 1031 exchange all of it into home #2, would work. . . . . but THAT'S a real good question. I hope someone answers.
I wish you were in California and would do one of these videos and discuss proposition 19 th.
wait a sec... In his example at 3:30 he said he could live somewhere for a number of years and then rent it for 5 years and he would still get his 121 exclusion. How can that be? Wouldn't he have to rent it for no more than 3 years before selling in order to meet the requirement? He did not live in it two of the last five. He didn't live there at all for the last five years.
I inherited a house many years ago as I used as a rental under my LLC 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?
What about if i was building my house for 1 years and live there for 1 more year is that count as 2 years primary home??
Great question, in order to assist you further, I highly recommend you attend our Free Tax & Asset Protection Workshop where our attorneys and specialists will answer all your questions live at the virtual event. aba.link/taptoby
This is good info, but the explanation could be clearer.
If you re marry but living separate in a rental house for two year what happen when you sale
Also Just a thought. If I move the estate into a irrevocable trust, is there capital gains when the trust sells it later on? Thanks again
It depends on the type of trust. Not being evasive, but there are grantor trusts, simple, complex, etc. In many cases, a complex trust can avoid capital gains by reinvesting. But we can do that as individuals on RE as well.
Great presentation to send to my clients. I'm a RE broker in AZ & CA. You wouldn't believe the misinformation I hear from some clients.
hey. good Inf. thank you ! how about to a person that was deported ?
Ashley - I do not think it matters:-) It is the gain that is excluded from tax.
I have a unique situation where we sold our condo (I wasn't on title) in April 2018. My wife and I purchased a larger home together in a neighboring city (both on title) in July 2018. We got married in March 2018. Now we want to sell and move back to our old neighborhood. We foresee selling our current home for what we purchased it for or a little more then putting that down on a home in our old neighborhood which is more desirable. Will the proceeds from the sell of our home be subjected to capital gains tax penalties if we put it all down on our next home even though we haven't lived in our current residence for 2 years?
What you do with the sale proceeds has had nothing to do with the taxation of your gain on a residence since May 6, 1997. Get off the internet and see your favorite qualified tax professional.
A buddy of mine just did the same ..if you roll all your capital gain into your new property you pay no taxes on Equity...
which country is it for?
Lets say you buy a home for 595k as a primary, we sell before two years, home will probably sell for $610k how much tax would i have to pay if we don’t qualify for any of the exclusions?
I doubt you would have much, if any, tax liability. The expenses of selling would likely reduce your gains to zero or a loss.
TheLegendaryLinx you would probably realize a net loss. You should not sell.
If my father owned my condo and I lived in it for over 5 yrs paying taxes on it but had it transferred into my name in 2021 do I still have to wait 2 yrs .
Thank you so much for your question! We highly recommend you join us at our next Free Tax & Asset Protection Workshop Livestream. Our attorneys and specialists will answer all your questions at no additional cost. Save Your Seat: aba.link/taptoby
What if you owe the irs money?
I live and owned my home for 9 years, I refinance last year 2019, I'm selling it 2020. Do I have to pay any taxes on capital gains? Is a refinance treated as a sale?
No the refinance is not treated as a sale. You should be good to avoid the capital gains.
Our tax preparer mentioned a potential for a partial exclusion. Married couple trying to sell off properties. We sold one property in 2021 with a $250,000 exclusion claimed by my wife. Based on one of the worksheets it seems as if we could sell another house this year and I claim a $250,000 exclusion?
Could you rephrase the question?
I live in my home for 19 years now. Bought it for 130k an want to sell it an worth 230k, only want to put down 20% on a new home so I can pay off car an update some stuff on the new home. Would I have to pay tax on it?
Nope! :) you'll qualify for the section 121 exclusion.