City Weekly · A And E
Sold a home in Utah? Check if you qualify for capital gains deductions and like-kind exchanges.
Last week, I wrote about the capital gains taxes that are applied when selling a personal residence.
Last week, I wrote about the capital gains taxes that are applied when selling a personal residence. There's an IRS rule stating that if you have lived in a property for two out of the last five years, you can get a $250,000 deduction off the sale profits if you're single, or $500,000 if you're married.
This isn't a once-in-a-lifetime thing—taxpayers can claim this deduction every two years. Many folks who haven't sold in decades still think there is a one-time deduction of capital gains for those over 55. But that law went out in 1997 under Bill Clinton's administration.
There are other…
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