What are capital gains tax exemptions?
An example of an AI chatbot conversation about capital gains tax exemptions.
What are capital gains tax exemptions?
Capital gains tax exemptions are provisions that allow certain gains from the sale of assets to be excluded from taxable income.
Can you give me examples of these exemptions?
Sure! Common examples include the primary residence exemption and exemptions for certain types of investments like qualified small business stock.
How do I qualify for the primary residence exemption?
To qualify, you must have owned and lived in the home for at least two of the last five years before selling it.
Are there limits on how much gain can be exempted?
Yes, for single filers, the exemption limit is $250,000, and for married couples filing jointly, it's $500,000.
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