Main Residence Exemptions

Main Residence Exemptions

We just provided our client with future capital gains exemption of $97,000, which has a taxation saving of over $22,000. The cost to the client was a few phone calls to a real estate agent.

Be careful when selling your property and assuming that, because it is your residence, it won’t have any tax consequences.

Most of the time when we sell our homes, we pay no tax.

But what happens when the usage of your house changes over time?

What if we move in and out of it?

What happens if you sell it at a loss?

Don’t just sell and forget about it, contact us and have a chat about the potential to set yourself up for some capital gains tax savings.