On ThinkGlink.com, selling typically refers to selling a home, whether that home is a single-family house, a condominium, a co-op, a townhome, or a vacant piece of land. When you’re selling your home, or any piece of real estate, you need to decide what process you want to follow – whether you want to hire a real estate agent or do a for sale by owner (also known as FSBO). Selling includes, cleaning up and organizing your home, figuring out what the selling price should be, hiring the team you’ll need to sell your property (which might include an agent), potentially staging the home, negotiating the sale and closing on the transaction. Selling also includes getting the word out that your home is for sale by using every marketing means possible, including setting up an individual website for the property, listing it on Craigslist.com, Zillow.com and other sites, telling people at work or in your neighborhood that the property is for sale, and even placing a sign in your front yard. Use
In simple terms, when people talk about the term "basis," that term refers to the cost of the property adjusted for improvements and can be adjusted up or down for other reasons. If the property was vacant land when you bought it and it cost you $5,000, your basis at that time was $5,000. If you put a home on it at a cost of $35,000, the basis of your property would have been $40,000 even though the home might have caused the land and home to be worth much more than the $40,000.
Selling a home through an auction or a real estate agent is up to the seller. It takes some investigating to decide if an auction or a real estate agent will get a higher price for the home. Auctions aren't cheap, but can be quick.
The IRS allows homeowners to avoid having to pay any taxes on the gain from the sale of their home up to $250,000 for a single homeowner or $500,000 for married couples if the homeowner has lived in the home as his or her principal residence for 2 years out of the last 5 years.Is there any way to keep the profits of a home sale tax free if you've lived in the home less than two years? The IRS allows some circumstances to avoid capital gains.
A homeowner wants to know how to calculate the cost basis on a home he received through a quit claim deed that has appreciated greatly in value. When it comes to calculating cost basis, you can include anything that was a structural fix. Also included in the cost basis are costs of the purchase and sale, including commission, advertising and marketing costs and any other fees you paid.
Homeowners lived in a home for 2 years and then rented it out for the past two years. They want to continue renting it out, but they will sell now if that's the only way to avoid capital gains tax. The IRS website is a good place to check for the tax implications before making any real estate decisions.
Builders are facing cancellation of new construction contracts all over the country. Unless it is specified in the contract, there is no obligation on the part of the builder to return your deposit if you cancel the contract. As the buyer, you are obligated to fulfill the term of your real estate contract.
Sometimes when you buy a new construction home, your purchase depends on the money you'll get from selling your current home. But what if you're not having luck selling your home? What can you do to improve your ability to sell your home? Talk to your listing agent and discuss your listing price and the factors that affect the price. You may have to lower the price of your current home so you can sell it and buy your new home.
Inherited property can involve many different tax implications. If you sell for the amount the estate valued it at, you might not ow any taxes. If the property has appreciated, you will have to pay capital gains tax -- unless you used it as a primary residence. With investment property, you may be able to use a 1031 exchange. Talk to an accountant or estate attorney for more options with inherited property.
Is it legal to raffle or lottery off your home? You'll have to do the research for your particular state, but most likely, selling a home through a raffle or lottery is illegal.
In some states, selling homes through a lottery or raffle is legal, but may be strictly regulated. If you plan to have people participate in your home or house lottery that are from states other than your own, you may have to comply with the lottery or raffle rules in each of those states.