Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info go to DrFriday.com. This is a one-minute moment.
Dr. Friday 0:13
Remember I was talking about real estate sales? Well, here’s something you need to know. Your primary home has a built-in exclusion. If you have lived in that home two out of the last five years, and you’ve been selling or maybe you’ve already sold or you’re thinking about selling it, and you’re single, whatever you paid for it, for example, you paid $200,000 and now you’re selling it for 400, 000, you would have a zero tax you have a $250,000 exclusion. You have a $500,000 exclusion for married couples. So keep that in mind when you get ready to do your taxes. If you sold your primary home, you may not owe any zero taxes.
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