On this episode of Home Happy Hour, Claire Paris of Paris Group Realty, LLC, talks about what you need to know about the Primary Residence Exclusion.
In our last Home Happy Hour episode (linked below), we talked about capital gains and how that’s going to affect you when you sell your home. There is a big exception that’s called the Primary Residence Exclusion. If you’ve owned and lived in your home for two out of the last five years, you have $250,000 of gain tax-free. If you and your significant other have owned it together, that’s $500,000 of tax-free gain.
If you’ve used the property as an office and took any deductions, if you ever rented it and took any depreciation, you’re going to want to talk to your accountant, because any depreciation that you took must be recaptured.
If the home is not your primary residence and you want to postpone your capital gains taxes, check out our video on 1031 Exchanges (linked below).
Defining Capital Gains Taxes:
1031 Exchange – How to Reduce Your Capital Gains Tax:
Have a real estate question to ask or real estate topic you’d like me to cover in this series? Send me an email to claire@parisgrouprealty.com
LET’S CONNECT!
W E B S I T E |
F A C E B O O K |
I N S T A G R A M |
P I N T E R E S T |
Claire Paris is an award-winning broker at Paris Group Realty, LLC, a local, woman-run, family business.
Coming from a family background of real estate and construction and a personal background in the insurance industry she truly has a grasp of the big pictures of building, contract law and negotiation.
From the joy of helping buyers purchase their first home to the thrill of securing cash-flowing property, she firmly believes real estate is one of the most effective means to build wealth.
Thank you for liking, subscribing, and getting reminders from our Channel, we really do appreciate it!
We help our clients find a home reflecting their personal taste & lifestyle. | PDX
Claire Paris ASR, CRS, GRI, Earth Advantage Broker
Principal Broker Paris Group Realty, LLC
5214 N Maryland Ave
Portland, OR 97217
Licensed in Oregon and Washington
P: 503-998-4878
E: claire@parisgrouprealty.com
source