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How to Avoid Paying Capital Gains Taxes

How to Avoid Paying Capital Gains Taxes

One of the best things about selling a house in Texas is we don't have state income tax and if you play the game correctly, you may not have to pay capital gains taxes either! Here's how... 
First, the house you're selling must be your primary residence and secondly, this is the important one, you must have been the owner of the house for at least two years with your homestead exemption in place!
Now, let's talk numbers, You are allowed to make up to $250,000 in profits when filing individually and up to $500,000 when filing jointly without having to pay capital gains taxes. So to recap, the best way to avoid capital gains tax is to live in your home for at least 2 years prior to selling and to not accept an offer over $250,000 or $500,00 of what you originally paid on the home so that you can qualify for the exemption. 

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