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Video instructions and help with filling out and completing Where Form 4797 Exclusion

Instructions and Help about Where Form 4797 Exclusion

Hi guys this is Toby Mathis from Anderson business advisors and today we're gonna talk about nothing but selling your house and when I say your house I mean something that you've lived in in the last two years as a personal residence works in the last five years but you had two of the five years as your personal residence so we're really looking at is something that you have lived in as your primary personal residence not a vacation house or anything like that something that you actually lived in as your primary residence and we'll go ahead and go over the tests because there are some exceptions but we're just going to start from the basis that you need to have lived in it 24 of the previous 60 months before you've sold it and then we'll go over what all the exceptions are excetera off of that so first thing to know all assets that you own whether it's a car your house anything like that is considered a capital asset and when you sell it if it's gone up in value or if you wrote it up it completely and it's gone up in value you're gonna have some amount of taxable gain so if you bought your house and we'll talk about how to do the calculations but if you bought a house and it's gone up in value you're gonna have some sort of capital gain if you lose value if you used it for personal use you don't get to write it off that's why if you buy a house and it tanks you sell it you don't get any benefit if you buy a rental property and it tanks you get to take the benefit if you buy a house convert...