What is a capital gains exemption?
An example of an AI chatbot conversation about capital gains exemptions and their implications.
What is a capital gains exemption?
A capital gains exemption allows you to exclude a portion of your capital gains from taxation, often under specific conditions.
Who qualifies for this exemption?
Typically, individuals who sell their primary residence may qualify for a capital gains exemption, subject to certain limits.
Are there any limits on the amount I can exempt?
Yes, for a primary residence, you can generally exclude up to $250,000 in gains if single, or $500,000 if married filing jointly.
What if I sell an investment property?
Selling an investment property usually does not qualify for the capital gains exemption, but you may consider a 1031 exchange to defer taxes.
How do I report this on my taxes?
You report capital gains and any exemptions on your tax return using Schedule D and Form 8949.
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