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Today's topic is the home sale exclusion. The Sec. 121 exclusion permits you to deduct $250,000 in capital gains ($500,000 if married and filing jointly). To qualify, you must follow certain guidelines about ownership and use. This is a tool that every landlord should have in their toolbox, especially if they are house hacking.
Watch this video from The Tax Smart Real Estate Investors YouTube channel to learn more.Listen in to learn:
- How to qualify for the Sec. 121 exclusion
- The partial exclusion that you can claim if you have to move or change employment
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