{"id":3624,"date":"2023-02-06T14:07:28","date_gmt":"2023-02-06T14:07:28","guid":{"rendered":"https:\/\/heideinternati.wpengine.com\/?page_id=3624"},"modified":"2023-04-26T19:41:01","modified_gmt":"2023-04-26T19:41:01","slug":"decrease-capital-gains-tax","status":"publish","type":"page","link":"https:\/\/heideinternational.com\/nn\/decrease-capital-gains-tax\/","title":{"rendered":"Decrease Your Capital Gains Tax When You Sell"},"content":{"rendered":"<div data-elementor-type=\"wp-page\" data-elementor-id=\"3624\" class=\"elementor elementor-3624\" data-elementor-post-type=\"page\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8faa9e9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8faa9e9\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8ea94e4\" data-id=\"8ea94e4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0788fe0 elementor-widget elementor-widget-heading\" data-id=\"0788fe0\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">Decrease Your Capital Gains Tax When You Sell<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-05f0f5b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"05f0f5b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-392c6f2\" data-id=\"392c6f2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3f6c190 elementor-widget elementor-widget-video\" data-id=\"3f6c190\" data-element_type=\"widget\" data-settings=\"{&quot;youtube_url&quot;:&quot;https:\\\/\\\/youtu.be\\\/mB-Z6HGAAX0&quot;,&quot;video_type&quot;:&quot;youtube&quot;,&quot;controls&quot;:&quot;yes&quot;}\" data-widget_type=\"video.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-wrapper elementor-open-inline\">\n\t\t\t<div class=\"elementor-video\"><\/div>\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-65fa554 elementor-widget elementor-widget-text-editor\" data-id=\"65fa554\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>When you buy your home, your purchase price is called your BASIS. When you sell your home at a higher price the IRS can tax you on the profit which they call Capital Gains.<\/strong><\/p><p>It can also help reduce your gains by keeping good records of home improvements. Home improvements are added to your original basis giving you the Adjusted Basis.<\/p><p>Say you\u2019re single and purchased a home for $300,000 and sold it years later for $500,000. During that time, you made $50,000 of improvements, like a swimming pool, new fences, kitchens and bathroom renovations, etc. The $50,000 is added to your original Basis giving you an Adjusted Basis of $350,000. By keeping good records of home improvements, you just decreased your taxable Capital Gains by $50,000!<\/p><p><strong>There are exemptions:<\/strong><br \/>\u2022 When selling your personal residence if you meet the two tests you can exclude up to $250,000 of gain if you are single or $500,000 if you are married.<\/p><p>\u2022 There are also caveats to the rule for gifted property, inheritance, or changes to the use of the property from a personal residence to a business.<\/p><p>\u2022 Also, if you collected insurance to cover the expenses, those funds will offset your expenditures. So, check with your tax advisor on how these events should be handled. Just remember to keep good records on all your home improvements, so when you go to sell your home, you can offset the IRS share of your profits.\u2003<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>Decrease Your Capital Gains Tax When You Sell When you buy your home, your purchase price is called your BASIS. When you sell your home at a higher price the IRS can tax you on the profit which they call Capital Gains. It can also help reduce your gains by keeping good records of home [&hellip;]<\/p>","protected":false},"author":4,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"elementor_header_footer","meta":{"footnotes":""},"class_list":["post-3624","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Decrease Capital Gains Tax When You Sell<\/title>\n<meta name=\"description\" content=\"Learn how to decrease your capital gains tax when you sell in Florida, USA, by keeping good records of home improvements.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/heideinternational.com\/nn\/decrease-capital-gains-tax\/\" \/>\n<meta property=\"og:locale\" content=\"nn_NO\" \/>\n<meta property=\"og:type\" 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