A homeowner selling a portion of their lot and continuing to live in their current home wants to know what capital gains will need to be paid on the sale. You are not required to pay capital gains taxes on the sale of residential property as long as you have lived in the home for 2 of the past 5 years. The capital gains exclusion is up to $250,000 if you're single and up to $500,000 if you're married.
When you want to sell commercial real estate to a non-profit such as a church, the group may not be able to pay you full property value. What can the non-profit do to make the commercial real estate sale worth it for the seller? The group may be able to offer the seller a tax deduction in exchange for a cash contribution in addition to the property. It's important to involve an attorney in the transaction.
What should you do if your real estate agent doesn't actively try to sell your home? It's best to take action quickly, which may mean firing your real estate agent, so you can get on with the business at hand -- selling your home. If you're working with a real estate firm, contact them first about problems with your real estate agent so they can help you find the right agent to help you sell your home.
Want to sell rental properties tax free? A 1031 tax-free exchange is the best option for rental property. There are other ways to sell rental properties tax free, but 1031 exchanges represent the most viable method.
Seller closing costs often come as a surprise to homeowners who are selling a house for the first time. A seller's closing costs often go way beyond the typical 2 to 7 percent of the sales price, simply because most sellers use a full-service agent to sell their home, which can add an additional 4 to 7 percent to the closing costs. Here's an extensive list of closing costs you may incur when you sell a house. By the way, if you've come across a strange seller closing cost, please note it below.
A homeowner is upside down in debt and falling behind on mortgage payments -- until a mortgage company offers to buy the home for six months to help them get back on track. Selling the home to a mortgage company means the homeowner would be giving up all control of the home. The homeowner should look at some other options before risking the offer from the mortgage company.
When you're selling your home you'll want the outside to look as good as the inside. Outside of the home you'll want to enhance curb appeal by improving landscaping. How can you enhance your home's curb appeal? Learn tips on how to put your home's best foot forward so you can sell your home.
Upgrading your landscaping and fixing the exterior of your home can really boost the value of your property. Most people will decide by looking at a photo on the internet whether or not they want to see the inside of your house. Summer is a great time to work on your house's curb appeal.
The IRS requires that you live in your house as a primary residence for at least 2 of the past five years to keep your profits from the sale tax free. For this home seller, they want to hold off closing until that two-year mark so they can keep their profits and avoid capital gains.
Transferring a title from deceased owners to heirs depends on the state the property is located in. In some states, inherited property can be transferred by a court, and in others a title company may be used. It may be necessary to open probate to get the title changed on the inherited property.
