We talk with a lot of senior homeowners every day and they have so many questions about taxes. Helping them sell their houses is my main area of expertise but many of them need to have these tax facts before they can decide.
Here’s what I get asked a lot:
1. How much will my Capital Gains tax be?
2. Why do I need a Living Trust?
3. What if I die before my spouse, what will the tax impact on her be?
4. How does stepped-up basis work?
5. If I rent my house out, what happens to my $250,000 / $500,000 exclusion?
6. What are the ways to reduce or defer my Capital Gains Tax?
7. And so many more…