@sventheg9061
Okay nice thanks for the tip. All I need now is a dad who owns a 500k home
@amberandrews6842
This is true. The part he doesn't talk about is if you live in the home for 2 of the previous 5 years, the first 250,000 isn't taxable, and if you're married and your spouse lives in it for at least 2 of the previous 5 years, it's 500,000 not taxable. (I do taxes for a living)
@markvele
I used to think success was all about working harder. Then I read The Architect of Riches, and it completely shifted my mindset. It’s amazing how much clarity can come from the right book.
@LukasCarrein
IRS = Income Removal Service
@evancombs5159
Shouldn't have to pay capital gains on a primary residence. That is your home not an investment.
@paweka9149
In Poland after 5 years of being the owner of the house there is no longer any income tax. So fix your country guys.
@kaitlynjanine
Just met a week ago with an estate attorney about this. What you actually want is a TODD - transfer on death deed. No need to open a trust just for that and it works just like this video explains. You can name a TOD beneficiary on your bank accounts as well to save your loved ones some hassle.
@JG-tt4sz
I knew of a mom who sold house to son on a contract for deed. Years later, his wife sued for divorce. He stopped making payments on the CD, and the property reverted back to mom. Gold digger got nothing.
@franciannecollson7427
And for the sake of those who don't have someone leaving us a house, please don't sell your house to an investor. This is one of the things that causes home prices to soar out of reach of more and more hard working people.
@mcgusto82
Taxes when a person passes on his inheretance has got to be the most corrupt tax there is.
@michaelinglis567
My dad died suddenly of cancer when i was 17. And thats bad enough but two years prior to his death he was one year away from paying off my childhood home that he and i loved and still I love to this day (id do anything to buy back that house). But my new stepmother at the time demanded he move to a new home because "your ex wife used to live in this house". True story. And my stepmother dropped off the face of the earth after he passed. She also kept us from visiting him in the hospital until AFTER he had a stroke that rendered him basically brain dead and they moved him to hospis. Luckily i had some time with him, just him and I, about a month and a half before his death. He told me he loved me and asked me sincerely if i knew that. He must have known that his chances werent good. Life sucks sometimes but not everyone gets that kind of confirmation that they were loved by their parents so im actually very grateful for that and for everything else he did for me when he was still here.
@justkris1238
We did a "transfer on death" deed. Worked just like a bank beneficiary. Property easily transfered at death. AND got stepped up cost basis.
@Iveneversurfed
Why are we not more pissed off at our government
@cybergord2016
Wow!! Good Financial advice for once!! My Father-in-law did this, everything said here is solid.
@michaelhoffman5201
The father paid taxes on the home and his income all through his life. Those moneys have allready been taxed they should not be retaxed.
@Mr.Nobody-v5u
"Don't tell me you're so cheap that you won't even pay me one dollar." 😭
@danaecarriere8212
He is exactly right. My father passed away from Cancer in January 2020. Thankfully, he did have the home & everything else in a Trust. I did have to sell, but it made it so the family didn’t have to pay enormous taxes . Now I have everything in a Trust for my kids.
@jayperez6142
They will never teach this in schools. Why? Because with people finding out how to avoid this horrific taxes and fees, they will quite literally have nothing left. So they trust in the financial ignorance of some people to in all essence scam them legally 🤷🏽♂️
@DanSavageGames
Why don't schools teach this All I get to know is -Cell biology -3 points = Plane -Write an essay -中文 （我觉得这很有趣） -How to jog/run correctly -The Renaissance Not complaining about it, I would just like to learn this as well.
@seanlovesrealestate