Home Sale Capital Gains (Section 121 Exclusion)

In this video I'll explain how the Section 121 Tax exclusion applies to the sale of your primary residence. In addition, we will talk about how to use the exclusion despite turning your primary home into a rental.

00:00 - Intro
00:47 - Primary Residence Defined
01:54 - Capital Gains Defined
04:02 - Section 121 Exclusion
05:58 - Increasing Basis
07:24 - Decreasing Sale Price
07:56 - Increasing Sale Price
09:30 - 1031 Exchange
10:08 - WA State Capital Gains Tax
10:29 - Converting Primary to Rental
12:22 - Calls to Action

Journal of Accountancy Article - https://www.journalofaccountancy.com/issues/2014/oct/sec-121-gain-exclusion.html#:~:text=Qualifying%20taxpayers%20who%20convert%20a%20principal%20residence%20to,121%20without%20offsetting%20any%20passive%20losses%20carried%20forward.

Kitces Article on Rentals - https://www.kitces.com/blog/limits-to-converting-rental-property-into-a-primary-residence-to-plan-for-irc-section-121-capital-gains-exclusion/

IRS Explainer on Selling Costs (Page 14) - https://www.irs.gov/pub/irs-pdf/p523.pdf

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