Are you considering selling your home? Here are some things you should know before you start the process.
Understanding Capital Gains When Selling Your Home
A consideration when selling your home is how the process may result in capital gains taxes. This is the tax collected on the profit from selling a property. The difference between the sale price and the original purchase price of your home represents the capital gains. However, the IRS offers a significant exclusion on capital gains from the sale of a primary residence for at least 2 of the past 5 years in the aggregate – $250,000 for individuals and $500,000 for couples filing jointly.
The process of selling your home to can be simplified with advice and guidance from an accountant and experienced real estate attorney. Call Riley & Gutman today if you’re ready to start the transaction.