What are the tax implications of selling my property?
An example of an AI chatbot conversation about tax implications when selling property.
What are the tax implications of selling my property?
When you sell a property, you may be subject to capital gains tax on the profit made from the sale. This depends on various factors.
What factors determine the capital gains tax I might owe?
Factors include how long you've owned the property, whether it's your primary residence, and any improvements made.
Are there any exemptions or deductions I should be aware of?
Yes, if the property is your primary residence, you may qualify for a capital gains tax exclusion up to $250,000 for individuals.
What if I reinvest the money into another property?
If you reinvest in a similar property, you might qualify for a 1031 exchange, which can defer the capital gains tax.
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