Thinking about selling real estate? Dr. Friday breaks down the tax implications for primary homes, investment properties, and 1031 exchanges. Learn about exclusion limits for primary residences—$250,000 for individuals and $500,000 for married couples—and capital gains rates for investments. Don’t forget to understand tax advantages before spending the profits. Stay informed and prepared with these real estate tax tips.

G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.

If you’re thinking about selling real estate, let’s categorize them. First, your primary home. Taxes on that can include some exclusions—$250,000 for individuals and $500,000 for married couples. Then there are investment properties, subject to capital gains. Rates start at 0% but can go up to 15%, 18.8%, and even 23.8%. There’s also the option of a 1031 exchange, which involves swapping like-kind properties to defer taxes. It’s crucial to understand your tax advantages and pay taxes before spending the money. If you need help, call us at 615-367-0819.

You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.