Beat the Taxman with 11 Tax-free income breaks

By
Industry Observer with Green Krist CPA PLLC 34463

I was perusing the Internal Revenue Code (it’s one of the things I do) and started to think about the various sources of tax-free income.

Here are the 11 that jumped out at me:

  1. Roth IRAs
  2. Social Security benefits up to the taxable limits
  3. Tax-free IRA withdrawals (on top of tax-free Social Security)
  4. Home sale gains of up to $250,000 ($500,000 if married, filing jointly)
  5. Tax-free capital gains and dividends when you hit the sweet spot
  6. Capital gains sheltered with capital losses
  7. Stepped-up inherited assets
  8. Section 1031 real estate exchanges when held until death
  9. Qualified small business tax gains
  10. Section 529 college savings plans
  11. Coverdell Education Savings Accounts

When it comes to tax planning, tax-free tops the list.

Green Krist, CPA  specializes in assisting taxpayers with IRS and North Carolina Department of Revenue issues in the greater Raleigh, North Carolina area.

Comments (4)

Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

Great tips!!! Thanks for sharing Kelly

Oct 02, 2022 10:39 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Hi,

Welcome to the Rain. Enjoyed your blog page, and I added you as a

friend. I would love the follow back. Bill

Oct 02, 2022 12:54 PM
Roy Kelley
Retired - Gaithersburg, MD

Thank you very much for following my blog. Your comments are always welcome.

Oct 10, 2022 07:55 AM
Roy Kelley
Retired - Gaithersburg, MD

Use your blog settings to create an automatic signature for your blog. Readers want to see your contact information.

Oct 10, 2022 07:56 AM