Maximize savings and minimize taxes with smart home and retirement strategies in 2025.
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Homeowners can now exclude up to $250,000 in profit from selling their primary residence ($500,000 for married couples) if they lived in the home for at least two of the last five years. Still, this exclusion is only available if no previous gains were excluded in the past two years. Exceptions exist for divorce, health issues, or military service, so it’s important to consult a tax professional for advice on your case.
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One key tax decision when planning for retirement is whether to pay off your mortgage early. The answer isn't straightforward. While paying off your mortgage can free up cash for other expenses, investing your funds instead of paying off a low-rate mortgage might offer better financial returns over time.
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Taxpayers can offset losses against gains, potentially carrying excess losses to reduce future taxes. Capital gains are profits from selling an investment for more than its purchase price. They are taxed differently depending on whether they are short-term or long-term. Long-term capital gains are taxed at specific rates based on income, with additional taxes on high earners.
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