Dr. Friday 0:00
Good day. I’m Dr. Friday, President of Dr. Friday’s Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12
Remember what was talking about in 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, 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 might not owe any zero taxes.
Dr. Friday 0:51
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.