capital gains on a homestead sale

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Dennis McEntire

• September 14, 2022 21:39

my friend and i have owned a property for 30 years. it is a homestead. it is in her name. she has a 250,000.00 exemption. we sold the property for 310k. how can we avoid being taxed on the 60k above the exemption?

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• Official comment

  

  Victor D

  • September 15, 2022 15:33

  Hi Dennis,
  
  Thanks for reaching out to NerdWallet; I'm happy to help you with taxes!
  
  While we aren't able to offer personalized financial advice, here are some resources that should help point you in the right direction:

  • Capital Gains Tax on Real Estate: How It Works In 2022
  • How to Reduce Capital Gains Tax: Strategies to Consider

  Best Regards,

  Victor

   

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