How will I be taxed on the money from the sale of my house?

There is a good chance you will pay 0% in taxes on the sale of your home. The tax code has a provision for the sale of your primary residence where you can shield profit from taxation, called the primary residence exclusion. If you have been living in the house for at least the past two years, you can qualify to avoid taxation on the profit from your home, up to a total of $250,000 if you are single or $500,000 if you are married.

You may not be able to avoid all taxes
You only pay taxes on profit
You may owe no taxes

Tax PlanningJoshua Escalante Troesh, CFPOctober 12, 2021Tax Planning, Mortgage, Buying A Home, Capital Gains Taxes, Property Tax

When can we claim expenditures for rehabbing our rental property?

Tax Planning, Business AdvisingJoshua Escalante Troesh, CFPDecember 18, 2019Real Estate Investing, Tax Deduction, Tax Planning, Capital Gains Taxes, Income Tax

How is the profit from the sale of our home taxed during a divorce?

There are a few questions imbedded in your bigger question, so I'll be taking them one at a time. Before starting, however, you will likely benefit from talking with a financial professional, at least CPA for doing your taxes this year. To answer your main question, assuming the property was never depreciated as an investment property, your share of the capital gains will be taxed at long-term capital gains rates. This should be a tax of 15% of the capital gain above the exclusion amount.

Tax PlanningJoshua Escalante Troesh, CFPOctober 16, 2019Tax Planning, Tax Deduction, Federal Income Tax, Divorce, Primary Residence Exclusion, Capital Gains Taxes

How are taxes calculated when Bitcoin is exchanged for physical gold and a profit is generated?

The IRS considers Bitcoin, and all virtual currency, to be property and will tax the gains in the property whenever you sell or exchange your Bitcoin for another asset (including gold or even other virtual currency). So you will have to pay taxes on the amount the Bitcoin has increased in value since you bought it. Below are additional key tax issues related to virtual currency . . . .

Tax Planning, InvestingJoshua Escalante Troesh, CFPJune 28, 2019Bitcoin, Virtual Currency, Capital Gains Taxes, Gold

What are the tax implications of selling a rental property and using the profits to purchase another rental property?

Depending on your situation and your desire, there are two broad options each with their own tax implications. The option which allows you to defer taxes on the sale is a 1031 exchange and will require you not to have access to . . . .

Investing, Tax PlanningJoshua Escalante Troesh, CFPMay 9, 20191031 Exchange, Real Estate Investing, Capital Gains Taxes, investment property

How can we minimize capital gains taxes when selling rental property?

It is possible to avoid paying taxes using a 1031 exchange option. Your thinking is correct, you would need to buy the new property and keep it as a rental for a period of time. But you must be careful. . . .

Tax PlanningJoshua Escalante Troesh, CFPOctober 25, 20181031 Exchange, Managing Wealth, Real Estate Investing, Buying A Home, Business Owners, Capital Gains Taxes

How do I manage the money from cashed out stocks that I inherited?

I'm sorry to hear about your mother. For the stocks, you fortunately shouldn't have any taxes due. The stocks were already 'taxed' when estate taxes were assessed on the value of the stock when you . . . .