Taxes When You Sell Your Home

What's the difference between death and taxes?

Death doesn't change every time Congress meets. But taxes certainly did in 1997, and the Taxpayer Relief Act of that year made a dramatic difference in the tax liability of those who sell their own homes. As it stands today, almost no one will owe any federal tax on profit made from the sale of a principal residence (defined by the IRS simply as the place you live most of the time.). To qualify, you must have owned and occupied the house as your main home for at least two of the five years before you sell.

And that's about it..

It won't matter how old you are when you sell.

It won't matter if you once used the old one-time $125,000 over-55 exclusion.

It won't matter whether you buy a replacement home or not.

It won't even matter if you've used this new exclusion on another main home in the past, as long as it was more than two years before the current sale. A single owner can take up to $250,000 gain free of any federal tax ever.

A married couple filing jointly can take up to $500,000. Even if only one of them owns the property, the full $500,000 is available if the non-owner spouse occupied the property for the required two years.

The exclusion can include postponed profit on previous homes, rolled over under the old pre-1997 rules. This new tax break can be used over again on the sale of another principal residence, as often as every two years.

You can even use part of the exclusion if you were in the house less than the full two years, if your move is required by one of three reasons: job transfer, health reasons, or some other unforeseen circumstance acceptable to the IRS.

So few home sales will require federal tax payments these days that in most cases your sale won't even be reported to the IRS by the person in charge of the closing.

For More Information on Selling your home quickly visit http://www.webuyhouseshome.com Unlike other so called We Buy Houses websites, Rescue Real Estate gives you every available option for selling your home. Simply complete our short 1 page form, and get anonymous online access to our team of specially trained REALTORS®. Then, in as little as 48 hours, you will begin to receive offers to purchase your home from our nationwide network of real estate investors. Click Here to sell your home quickly and compare agents.

---

Look Past the Bottom Line for a Propertys Potential

It's unfortunate that many real estate investors tend to look... Read More

Take A Shotgun Approach

An effective real estate advertising strategy entails a 'shotgun' approach.... Read More

Five Ps of Selling Houses

1. Planning:Know Your Target BuyersThink about your neighborhood and the... Read More

Buying an Unfinished Home Maybe Your Answer

For the first time "want-to-be" homeowner, purchasing an unfinished new... Read More

When Showing Your Home

Here below are some of the reasons why buyers may... Read More

An Investors 1st and Most Important Lesson

Are you ready for the lesson that will put you... Read More

Reinventing Real Estate, Part 2: Online and Empowered Consumers Are Taking Charge and Paying Less

Demanding consumers"Internet buyers tend to be better informed on market... Read More

Taxes When You Sell Your Home

What's the difference between death and taxes?Death doesn't change every... Read More

Oh No! Something has Happened in Florida

The Florida housing market has attracted many foreigners to invest... Read More

Real Estate Investing - The Marvel Of Home Depot And Lowes

Repairing a rental home (or your own home) use to... Read More

An Overview of Easements

Title insurance is generally associated with insuring a purchaser's or... Read More

How To Spot A Good Buy

Beauty is in the eye of the beholder, particularly when... Read More

Selling Your Home Quickly, Even if You Have No Money For Repairs

Do you need to sell your home quickly? If so,... Read More

Curb Appeal

First, lets start with what it is. Curb appeal is... Read More

Important Facts For Home Buyers

If you are considering buying a home or have spent... Read More

Find the Right Apartment Quickly and Easily Using an Apartment Locator Service

You've probably seen the ads or heard about apartment locators.... Read More

Sell Your Home Without Paying Any Commissions

All of us know that real estate commissions can work... Read More

Branded Email in the Real Estate Industry

Branded Email in the Real Estate IndustryYou're in the real... Read More

Sellers, Are You Having A Hard Time Selling Your Home?

Sue and Chuck DeFiore have the perfect solution for you... Read More

Fraud in Real Estate, Are You Being Victimized? - Part II

The phone range and Peter was on the other end... Read More

What Makes Fractional Shares Different from Owning Other Kinds of Vacation Properties?

Fractional shares ("fractionals") are sometimes confused with other vacation property... Read More

Peace of Mind for Home Inspections: Choose the Right Inspector!

As sure as the spring flows at The Fountain of... Read More

Why Not To Invest In Bulgarian Property

According to research carried out by the Thomson Group, owning... Read More

Beat the Crowd when Investing in Real Estate

We all are thinking about it and some of us... Read More

Buying Your First Investment Property

"Begin With The End In Mind"I first heard the phrase... Read More

How to Build a Real Estate Investing Power Team

As you continue to read about real estate investing, you... Read More

Property Investing Secrets 5

Property Investing Secrets:How To Work With Agents And Get What... Read More

Investing in Real Estate & REITs

Real estate investing runs the gamut in terms of risk... Read More

Selling Your Home ? What Can Go Wrong With Title and Lenders

If you're selling your home, there are going to be... Read More

Termite and Moisture Damage Not Reported

I have done so many appraisals where I saw obvious... Read More

The Sadness of Old Buildings

From the book No Smooshing!For years, I've carried on a... Read More

One Stop Shop for Buy to Let

As the buy to let market continues to go from... Read More

We Buy Houses Scams ? How to Spot Them and How to Avoid Them

There are many reasons why a home owner would want... Read More