What really is portability and can it save you money?
Are you thinking about selling and curious what that new tax bill might be if you buy a bigger home? Smaller home?
When does Homestead and portability kick in?
What will I owe in capital gains taxes if I sell my primary residence?
Here are some facts to help clear these questions up:
- Regardless of the date you buy your home throughout the year- The property appraiser office recalculates the taxes from the purchase on January 1st of the following year.
- Receiving Homestead means if the home is your primary residence you will save you around $700-$1000 a year.
- You Must File….It is not automatic…
- File online or in mail
- Deadline to File for Homestead is March 1st, 2019
- Portability is a huge savings that saves $1,000’s every year with little effort.
- Must be transferred from one primary residence to another primary residence within 2 years of selling that original property.
- File online or in mail.
- Go to www.bcpa.net and click at top where it says PORTABILITY ESTIMATOR or call me to discuss further.
- If you live in your primary residence for 2 full years, you don’t pay capital gains taxes on $250,000 for a single person or $500,000 for a couple of any profits from the sale.
Please call us if you have any questions about the above material. We are happy to help you navigate through the process to ensure optimal savings.
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