Individuals can exclude up to $250,000 of gain in their primary residence, making it one of the greatest tax shelters out there.
Married couples get a $500,000 exclusion. Keep receipts of capital improvements like a new roof or kitchen faucet that add to your home’s cost basis.
Jill McGovern is licensed by the California Bureau of Real Estate to buy and sell homes in Dana Point and across coastal Orange County. You can reach her by calling 949-510-9494 or by visiting JillMcGovern.com.
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