Should I Sell My Rental and Get Hit With Huge Capital Gains Tax?

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 17 September 2021

⏱️ 5 minutes

🔗️ Recording | iTunes | RSS

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Summary

Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Christy Wright, Rachel Cruze, John Delony, and George Kamel.

Transcript

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0:00.0	You're listening to Ramsey everyday millionaires, where we talk retirement, building wealth,
0:10.5	and outrageous generosity.
0:14.0	Chris is in San Antonio, Texas.
0:16.6	Hi Chris, how are you?
0:18.0	Good afternoon guys.
0:19.8	Hey, what's up?
0:20.8	Hi Gates.
0:21.8	So my question is, or I guess, yeah, my question, I have, well, I became a land lord.
0:29.5	About 22 years old by default, I have a home in Austin, Texas.
0:34.5	I own it, but over that time, that home has grown significantly in value.
0:40.5	So I'm at a point in my life where I might want to sell at home, but I just need some
0:47.0	direction in knowing that if it's the right time for me to do that.
0:50.5	And if I do decide to sell it, I want to know if there's any way to possibly avoid capital
0:57.4	gains tax.
0:58.4	Well, certainly a hot real estate market, great time to sell real estate.
1:06.6	And by and large, that's a general statement, right?
1:10.7	Capital gains, you're going to pay capital gains on it.
1:14.2	My guess is you've been depreciating it all these years, right?
1:17.5	Yes.
1:18.5	So you probably haven't adjusted basis close to zero.
1:21.2	The whole thing may be gain.
1:22.6	Well, yes, yes, that's true.
	...

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