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Saving Taxes on Selling a House in the US - Strategy 4: Step-Up Basis Are you worried that the IRS might come knocking on your door with taxes someday? Yes! Step-Up Basis is here to help. When an asset is passed down through inheritance, the IRS resets the asset's cost, making it the Fair Market Value (FMV) at the date of the parents' death. When parents pass a house to their children, the house's cost price becomes its market value at the time of the parents' passing. For ex

A self-employed 401(k), also known as a solo 401(k), is a powerful retirement savings plan designed for entrepreneurs and small-business owners without employees. It allows you to contribute both as an employee and an employer, offering high contribution limits, flexible investment options, and valuable tax advantages—all in a plan that’s simple to set up and manage.

US Home Sale Tax Savings: Part Three - 1031 Exchange Part Three: 1031 Home Replacement (Applicable to Investment Properties) The first two steps only applied to self-used real estate. This 1031 exchange method applies to investment properties. For two consecutive years, the property has been rented out at market price for at least 14 days each year, with personal usage time not exceeding 14 days or 10% of the rental days (whichever is higher), and there are rental agreements

Four Steps to Saving Taxes on Selling a House in the US: Step Two - "Capital Improvement" Step Two: Capital Improvement Simply say, adding the cost of renovations and garden improvements to the house's cost. This reduces the profit margin on the sale and can be used to offset taxes. Examples: Roof renovations, Kitchen and Bathroom Remodeling, Replacing Central Air Conditioning, Replacing Flooring or Carpet, Adding Rooms or Extensions, Replacing all Windows, Installing Solar P

Four Steps to Save Taxes on Selling a House in the US：STEP 1 Today, we'll reveal four ways to sell your house in the US with NO TAX. However, each method has strict conditions; one wrong step could lead to a huge tax bill. Ready?! Step 1: Selling your primary residence entitles you to certain tax exemptions. If you own the property alone, you're exempt from $250,000 in profits; if a married couple files jointly, the exemption is $500,000. To receive these exemptions, remember

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