ilmscore | Prediction Details
"I can sell this property for $1.2 million and now I sell this property for $1.2 million hey I made $200,000 in a year which is great but I got to pay taxes on that $200,000 of profits these $200,000 of profits of selling this investment property are called long-term capital gains and so I'm going to have to pay taxes on $200,000 and so I'm only going to keep a fraction of that but when this is your home remember this is your personal residence which means this is your home you can do that if you have four units so if this is your home home you have a special tax exemption which says you can sell your home for a up to $250,000 profit and you don't have to pay any taxes and if you own the home as a married couple then you can sell your home for up to a $500,000 profit which means you could sell this home for 1.5 million doll and then you wouldn't have to pay a penny in profit"
By Minority Mindset | January 7, 2024 | Pending
From video
This LOOPHOLE Lets You (Almost) NEVER Pay a Mortgage Bill Again 00:09:29 - 00:10:17
Interpreted Prediction
Selling a primary residence that is a multi-unit property (up to 4 units) can result in tax-free profits of up to $250,000 for individuals and $500,000 for married couples.

Prediction Details

Topic
Real Estate Investment

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