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How To Avoid Capital Gains Tax When Selling Real Estate (2019) - 121 Exclusion Explained

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- Hi guys, this is Toby Mathis, from Anderson Business

Advisors, and today we're gonna talk about nothing

but selling your house, and when I say your house,

I mean something that you've lived in, in the last two years

as a personal residence or, excuse me, last five years

that you had two of the five years as your

personal residence.

So what we're really looking at, is something that you have

lived in as your primary, personal residence;

not a vacation house, or anything like that.

Something that you actually lived in as your primary

residence, and, we'll go ahead and go over the tests

because there are some exceptions, but we're just gonna

start from the basis that you need to have lived in it

24 of the previous 60 months before you sold it.

And then we'll go over what all the exceptions are,

et cetera, for that.

So first thing to know: all assets that you own, whether

it's a car, your house, anything like that, is considered

a capital asset, and when you sell it, if it's gone

up in value, or if you wrote it off completely


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