from FREEDMAN FINANCIAL | August 26, 2016

Downsizing & Capital Gains

What taxes will you owe when you sell the family home?

If you've lived in your house for a long time and your mortgage is paid off, you've surely thought about the capital gains tax you may face when you sell. Before the Tax Relief act of 1997 was enacted, your downsizing dreams could have cost you a pretty penny! Now the government will allow a married couple to profit, tax-free, up to $500,000 ($250K if you're single) on the sale of their primary residence assuming they meet a few requirements.

While these tax laws won't cover everyone from paying the dreaded capital gains, you may be spared if you're considering downsizing. To read more, click on the link below.

Real Estate Capital Gains Rules

The Upside of an Empty Nest

Once you get past the tears, you'll realize the advantages of the kids leaving for school.

College freshmen will begin leaving home in the next few days & weeks. For many parents there is a period of sadness and serious adjustment to being home alone. Think about it, the last time you and your spouse were all alone was at least 18 year ago! The kids have always been there, acting as the buffer. They were a distraction and perhaps the cause of a little chaos - but now they're gone (at least for a while). Sure you'll miss them, but certainly there has to be a few perks.

Seven Upsides of the Kids Being Off at School

IN CASE YOU MISSED IT

Freedman Financial's Blog

Read our latest blog post here, as well as find other postings that may be of interest to you.

Weekly Market Commentary

What the Market is Telling Us About the Election

Thinking of Moving to Canada After the Election?


Source: townhall.com

Beware! The IRS collects taxes on US CITIZENS even if they don't live here!

The 2016 election has raised a lot of chatter about moving to Canada. Most of it is just talk. But, on the remote chance you're considering it, you are still required to file a tax return on income made outside the country - unless you plan to change citizenship. In addition, there are lots of other financial consequences to consider (not to mention the cold winters). So before you run for the borders, do your homework.

$$ Consequences of Moving Abroad

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