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25: Don't Get Caught by Surprise: What Homeowners Must Know About the Main Residence Exemption
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Selling your home? Don't make the costly mistake of assuming it's completely tax-free. Discover the truth about the main residence CGT exemption and how to maximize your savings.
The main residence capital gains tax exemption seems straightforward — sell your home and pay no tax, right? Wrong. There are numerous complex rules and requirements that could disqualify you from the full exemption or leave you with a hefty tax bill.
In this episode, Sally Preston dives deep into the main residence CGT exemption. Don't let the main residence exemption rules catch you off guard.
In this episode of the Smarten Up! The Tax and Business Podcast, you'll learn:
- What qualifies as a "main residence" and how to determine if yours meets the criteria (1:59)
- Limitations that could reduce or eliminate the exemption, including land size, multiple dwellings, business use, and periods of absence (6:20)
- Strategies for maximizing the exemption when moving between properties (16:05)
- Special circumstances like accidental destruction, death, and divorce (21:12)
Whether you're selling now or years down the road, understanding the main residence capital gains tax exemption is crucial for homeowners. Get prepared by listening to this insightful episode packed with real-world examples and expert guidance.
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