What are the exemptions for capital gains on house sale with new tax laws in 2018?

[kmwash]

Why is Turbotax Home & Business calculating that I owe a capital gain tax on the sale of a primary residence when I meet all of the residency requirements?

[dixon418]

Hello:

I fixed a property up and soon will have sold it. I am looking at options to reduce my capital gains liability.

1) Is there a ruling that says that if I buy another property with a certain time frame I can avoid capital gains taxes.

2) After deducting my expenses, is it best to put money in IRA's to reduce taxe liability?

I plan to purchase another property to flip soon. I am just looking for the best tax strategy flipping houses.

Please advise and

Thanks,

Marlon

[LynnN82]

Yes, there is a provision in tax law permitting the tax free exchange of real property that is held for the productions of income (rental, usually) or used in a trade or business, such as a store building or a warehouse. 

if you are in the business of flipping houses, the like kind provision  would not apply to them to get tax-free exchange treatment. 

Here's a great article from TurboTax  on the subject of tax free exchanges, including the form to file if your transaction qualifies.

 What is IRS Form 8824: Like-Kind Exchange - TurboTax Tax ... 

Now, about saving tax dollars by contributing to an IRA, here's a great article on that subject and other great ideas. .IRA Deductions