Dealing with the capital gains from selling a house

Steve & Ted
Tuesday, December 12th

Moneytracker Don Grant tells us about some cash savings in real estate.

00:15:00

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

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Yeah sure that has come into my life I want to make the and you. 9713. Thirty. And just ask Stephen Teddy in the morning at 640 sevenths three big things. Three Wichita church planning development on west maple seeded Wichita school board chooses a new member Ernestine Crable line. Suspects held in which it does latest homicide. Three big things he'd been dead on tape and assess. And this morning stalled out vehicle. This is. On high southbound on I 135 and hairy so watch out for a stalled out vehicle potential for a slow down their. Traffic on K and SS brought to budget province Carl's Goodyear tire. Located downtown market in wonderment in the east every street mall and on line across I dot com your home for complete dark hair. Tony is cool. Heard today to a high of 52 degrees yesterday's high 67. Mostly clear tonight the overnight low 30 June. Wednesday sunny and breezy tomorrow's high sixties now partly cloudy 29 degrees for northwest wind at nine miles per hour. Gain hazardous weather brought few buyers the monarch offering five dollars select advertisers Monday through Thursday. From four to 6 PM for happy hour. Full cocktail menu can be found at monarch Wichita dot com the monarch in delay no. San Francisco chronicle is reporting that mayor Edwin Lee has dies. He was 65. And newspaper citing a statement by the mayor's office that states Lee passed away Tuesday just after one yemen's Zuckerberg. San Francisco General Hospital. Davis' family friends in college were at least side leave was not known to be ill. He was appointed as mayor in Tony eleven replacing mayor Gavin Newsom who was elected to the State's lieutenant governor. You are known for his work. Against homelessness. And I didn't know and Mark Zuckerberg at a hospital don't hospital there in San Francisco Don grant GOP the money tracker earth Tulsa public school leaders. Are working to lower the district chronic absentee rate. From just above 25 point 7%. Which is far above the national average of thirteen point 7% there must be a great woman home buyers. Tulsa world reports that. District has more than 101000 students who are chronically absent. And arts and while district is focusing on managing attendance in setting goals to raise the attendance. Stocks ended mostly higher modestly that is Monday on Wall Street. And up to mark more record highs for two major indexes technology stocks drove the gains says Standard and Poor's 500 index rose eight points. While the Dow Jones added 56 points both to record highs in the NASDAQ Composite added 35 points eight and beginning to think there is no. Top on this market just gonna keep going up for ever ever you have forever president drop is sent to try to sell the American people an unpopular Republican tax overall. As his administration claims will generate a large part of one point eight trillion dollars in new revenue. A figure that a top democratic lawmaker dismissed as fake math. Cubs pitched today will focus on how the GOP tax reform plan. Will lead to a brighter future for taxpayers and their families according to spokeswoman Lindsay Walters. House and senate negotiators are rushing to finalize a bill. And deliver the measure to prop before Christmas. Personally I got it and the guys get this questionnaire from that. Our congressional our congressman mr. Estes Estes got a question there while back and then basically ice. That's tripled and I don't see any need protectorate or. Why is this necessary. And courts. Well the economy's doing well and being an ordinance. A an unusual economic report and forecast in the United Nations finds that the global economy is growing by about 3%. Its highest rate since 2111 at a significant acceleration from last year and more than fifty world leaders are gathering in Paris for a summit the president Emanuel Lecrone them. Hopes gives new momentum to the fight against global warming despite US president props rejection. On the Paris on the courts and you heard that he's offering like jobs to American scientists that climate issues. Micron all he's in the spring and like twenty of Mo over something like raise like. They get away from any million dollars it worked out where right now. 651 now Stephen dead in its world leaders meeting in a nice fancy hotel there yeah I guess that's likes that better condition it's like you know I have a body the body and I can tell you what let what he does for a living lawyer. But he goes off scheme you know and now they have theirs is continuing education bright you know I'm a little break out session where each nominee she got out okay actuary at you know of it. Atlanta I'm just jealous that well capital gains from the saleable Al yeah that's and not be the money tracker track on bud. Well having lived in California and being part of a real estate market there ride this all the volatility of the markets for example. A home and I know this one intimately a home that sold. For a 160000. Dollars innate decent part of Los Angeles in 1988. Jumped to 230000. Dollars by the end of 1989. In one year and could be picked up. Where about a 145000. Dollars. It the next year following that after the bubble popped out if one had hung onto that home. All of these years and twenty years it would sell for somewhere between 900001. Point two million dollars today. So if one were to buy and sell within those years vacated realize a rather large capital gain on their property. But how is one taxed. On those gains and of course we don't see that kind of stuff going on in Kansas quite as much currently if an individual lived in the home or property of their primary presents for two. Of the past five years. And then you sell out per game. Then you have a 250000. Dollar exemption. On capital gains I mean you don't pay taxes on them and means an individual can buy. House for 500000 bucks teller for 700000. And pocket the 200000 dollar gain without a tax consequences if they lived their for two of the last five years. A couple can double that amount if they are both considered co owners. On that property deed is very effective if for friends own a house they can each get 250000. Dollars emption. The two of the past five years residency requirement can be waved at the sale has is because of the change of employment. That required to move. Health problems or other unforeseen circumstances that force the sale of home before the owners had the opportunity opportunity to live there for the full two years. Holding a mortgage. On the house does not affect the game. Taxes you pay on the gay UB pay taxes on the game whether you had a mortgage or not. The capital gains calculated is based upon the sale price gain above whatever you paid for. Course closing costs commissions and expenses associated with improving the property or subtracted. From the gross gain of that sales fees not tax on things he paid for. Well what about the tax bill that is being developed by Republicans in the house and senate right now well. We don't know how that might affect capital gains. On the houses right now but at the time of this writing. Both bills would heightened this exclusion. They are gonna have they suggested changing the residents requires 25 years of the past eight rather than two of the past five. Claiming the exchange can be done. Only once every five years and of joint income is more than 500000. Dollars from all sources. The exclusion phases out now once again this may change this is just what we have read thus far in some of the things that come up. And of course if you have any questions you can give me a call the number 63422. 22 and of course today is national dangling day. Dangling dealings on this day all the people they haven't heard from in a while that may be an old class coworker or neighbor from years ago or maybe you're excellent or perhaps. A call or go after the child usable to grant during the summer about that couple who carpool for soccer. I was able to feelings wanted to join the dangling club and call someone this year you're Daley's call and that's what it means. Is it that there are dangling it's what's on the regional discount the derogatory things. Yeah. And usually dealing people are adamant in radio sales. So absolute so we're just supposed to give much higher now than I column. All adding only that but we don't owe dangling. Thing it went phones don't ring map on that. Limited them in there. It doesn't and doesn't ring week please nevermind it's 56 he did. I blocked the kick in morning news was Steve's article eleven. We have a new Wichita state board of education member of that story and more Stephen dead on in a sense. Stevens head in the morning every weekday for the money record Don grant CFT securities offered through kestre investment services LLC member finreg SIPC investment advisory services offered through kestre advisory services LLC an affiliate of Castro IS CT HP is not affiliated with tester I asked orchestra. Yes it's the holiday season and Taco Bell is giving away free Christmas cash. All you have to do is listen each day for the Taco Bell weekly location and join us for your chance to win Christmas cash at Taco Bell. One lucky drive through customer will win 98 dollars and pre Christmas cash. Are you the lucky one drive through and see if you win some Christmas cash just taco Bell's way of saying thanks and happy holidays. Accused computer skills at the senior senator if I. I deliver meals to homebound seniors to get back. I packed boxes of food at my local food printer to give back I coached youth sports to get back. I feel confident in my community here to give. How do you get back. 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