Capital Gains

Capital Gains
Dr. Friday Tax Tips - One Minute Mo...

 
 
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Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.

Capital gains. So let’s say you sold your primary home last year, did you think you have to pay capital gains? I gotta give you some good news. No, most likely you do not. If you sold the home for $250,000 as a single person or $500,000 as a married couple, and more than what you paid for it. So let’s use an example you paid $200,000 and you sold it for $700,000 you’d have a zero capital gains on a married couple. So just keep in mind that you don’t usually unless you used it as a rental, some sort of home office and you depreciate it you would have to capture that depreciation.

If you need help with taxes, all you have to do is call me. 615-367-0819.

Announcer 0:52
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 pm to 3 pm right here on 99.7 WTN.