Cryptocurrency Q&A
How do I avoid capital gains on my second home?
How do I avoid capital gains on my second home?
CryptoGladiatorGuard
Mon Oct 28 2024
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6 answers
1711
I own a second home and I'm wondering how I can avoid paying capital gains tax on it. I'm looking for ways to reduce or eliminate this tax when I sell the property.
6 answers
Lorenzo
Wed Oct 30 2024
Tax harvesting is another strategy to minimize capital gains tax.
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Dario
Wed Oct 30 2024
By using funds from a retirement account, such as a 401(k) or IRA, to purchase investment property, individuals can defer taxes on the gains until they withdraw the money from the retirement account.
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Elena
Wed Oct 30 2024
Another method to avoid paying capital gains tax is by converting an investment property into a primary residence.
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CryptoLord
Wed Oct 30 2024
If an individual lives in the property for at least two years out of the five years before selling it, they can exclude up to $250,000 (or $500,000 for a married couple) of the gain from their taxable income.
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Andrea
Wed Oct 30 2024
Investing in property through a retirement account is one way to legally avoid paying capital gains tax.
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