Lynn Schrader At Real Estate II

If you sold your home and made up to $250,000 in profit as a single filer or $500,000 married, you owe zero in capital gains taxes.

That's one of the biggest tax breaks in America and most homeowners have never heard of it.

I moved to Nashville in 2017. The appreciation on homes in this market since then has been staggering.

For a lot of homeowners who bought at the right time, that exclusion isn't just a nice perk. It's a six-figure tax break they'd be leaving on the table without knowing it existed.

But that's just one of twelve types of income the IRS doesn't tax and most people are only aware of two or three at best.

Gifts you receive are never taxable to you as the recipient. Inheritances generally come to you tax-free.

Life insurance death benefits go to your beneficiaries without a tax bill. Roth IRA distributions in retirement are completely tax-free if you've followed the rules.

VA disability benefits are 100% tax-free. As a combat veteran that one is personal to me and I still run into veterans who don't know it.

Child support received is not taxable income. HSA withdrawals used for medical expenses cost you nothing in taxes. Employer health insurance contributions don't count as income.

The tax code gets talked about constantly in terms of what it takes from you. The part that rarely gets covered is what it quietly leaves alone.

Save this list. Share it with someone who needs it.

And if any of these apply to your situation, talk to a tax professional to make sure you're capturing every dollar you're entitled to keep.