Terry Thompkins Real Estate Tips Blog

SELLING YOUR HOME | IRS DEDUCTIONS

Wilmington NC Real Estate
Posted by Terry Thompkins on February 16, 2018 in  irs deductions  selling your home
Getting your taxes together after the sale of home? Check out the IRS Publication 523https://www.irs.gov/pub/irs-pdf/p523.pdfThis publication explains the tax rules that apply when you sell or otherwise give up ownership of a home. If you meet certain conditions, you may exclude the first $250,000 of gain from the sale of your home from your income and avoid paying taxes on it. The exclusion is increased to $500,000 for a married couple filing jointly. This publication also has worksheets for calculations rela... read more
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When a home is for sale, a homebuyer who wants to purchase the property will submit a purchase offer to the seller. The offer is valid for a specified amount of time. Sellers can do one of four things with the contract: 1. Accept contract as-is. The seller agrees to the offered price and terms and signs the contract. Next step is for buyer to proceed to get closed/settled on home (arrange inspections, finalize financing, etc.). 2. Counter contract with different price, terms, conditions. Most often, sellers ... read more
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