How will I be taxed on the money from the sale of my house?

There is a good chance you will pay 0% in taxes on the sale of your home. The tax code has a provision for the sale of your primary residence where you can shield profit from taxation, called the primary residence exclusion. If you have been living in the house for at least the past two years, you can qualify to avoid taxation on the profit from your home, up to a total of $250,000 if you are single or $500,000 if you are married.

You may not be able to avoid all taxes
You only pay taxes on profit
You may owe no taxes

Tax PlanningJoshua Escalante Troesh, CFPOctober 12, 2021Tax Planning, Mortgage, Buying A Home, Capital Gains Taxes, Property Tax

If a private individual leases a property to a non-profit, is there an exemption for property taxes for the term of the lease?

Simply leasing a property to a non-profit will not, on its own, exempt a private individual from having to pay property taxes. Since property taxes are state taxes, the exemption will depend on the laws in your individual state. Non-profits are exempt from all state property taxes because. . . .

Tax PlanningJoshua Escalante Troesh, CFPDecember 11, 2019Real Estate Investing, Property Tax, Non-Profit, 501(c)3