Selling Your Home? Don’t Miss Out on These Tax Benefits

Selling Your Home? Don’t Miss Out on These Tax Benefits

No one likes paying taxes. But if you’re selling your home, there may be ways you can leverage your home sale to lower your tax bill.

So how, exactly, do you do that?

A recent article from realtor.com outlined key tax deductions, write-offs, and exemptions available to home sellers, including:

 

  • Selling costs. Legal fees. Escrow fees. Real estate commissions. Even home staging! As long as the property is a primary residence and you’ve lived in the home for at least two of the last five years, any expenses directly related to selling your home are deductible in that you can subtract them from the sales price of your home, which impacts your capital gains tax—and can definitely help you save some money.

 

  • Home improvements. If you improve your home in order to make it more appealing to buyers, those qualify as selling costs—and, as such, you can deduct them from your final sales price. However, these need to have been directly related to the sale of your home and done within 90 days of the closing.

 

  • Property taxes. Before you sold your home, you owned it—which means you can deduct property taxes (up to $10,000) for the tax year when you owned and lived in the home.

 

If you are preparing your house for sale, click here to learn how to do it without spending too much.

 

Do you need help selling your home? Get in touch with us and let's discuss how we can sell your home faster.

 


Recent Blog Posts

Stay up to date on the latest real estate trends.

Signs a Buyer May Not Be Serious

Not every buyer who shows interest is serious about actually putting in an offer and moving forward with a home purchase, no matter how enthusiastic they may seem.

11 Things That Might Make You Feel Like Your Real Estate Agent Is a Secret Superhero in Disguise

Let’s take a look at 11 things that could be a sign that your real estate agent is actually a secret superhero in disguise

What Should You Not Say When Buying A House

For some buyers, stress and excitement can cause them to say things without thinking about them which could potentially cause the process to take a turn for the worse.

Feeling Like You Missed the Peak Time to Sell Your House? Well, It’s Not Too Late… Yet

The good news is you’re not the only potential seller feeling that way, and it’s not too late to capitalize on a sellers’ market.

Spring Living Room Ideas

Spring is officially upon us! Here are some of the spring’s biggest decor trends you can incorporate into your living room.

Things to Keep in Mind When Trying to Secure a Mortgage After a Foreclosure

No one wants to go through the foreclosure process, but if you have a foreclosure in your past, it doesn’t necessarily mean you won’t be able to get a mortgage.

How Long Does It Take To Buy A House

Buyers often wonder how long it’ll take to find the perfect home, so they can plan when to start their home search in earnest.

7 Things in a Home Inspection Report That Often Get Blown Out of Proportion

There are a lot of things inspectors include in their report that aren’t worth losing the house you love over.

Recent Study Finds That Price Is Becoming More Important Than Location to Homebuyers. (Spoiler Alert: Both Matter!)

A recent study is making headlines claiming that the majority of buyers now think price is more important than location. Are the tides changing? Find out in this blog.

Work With Us