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Principal Residence Exemption

Principal Residence Exemption

Did you sell your house in 2016 or later?  File a tax return and claim the principal residence tax exemption for the capital gains. Commencing with sales in the 2016 tax year, you must report basic information, such as the date of acquisition, the proceeds of...
Capital Gains, Losses, and Other Tax Planning Concerns

Capital Gains, Losses, and Other Tax Planning Concerns

Capital Gains Exemption Deduction The lifetime capital gains exemption deduction, if you dispose of shares in a qualified small business corporation, is $835,716, or $1,000,000 for a qualified farm property or qualified fishing property. If you have already claimed...