Here are three common tax implications to consider: Property taxes:Property taxesare often paid in advance. You may need to pay the prorated share of property tax up to the closing date, with the money placed in escrow. However, if you already paid them past your closing date, you might...
7. Weigh closing costs and tax implications In any real estate transaction, both parties must pay at least some closing costs. Assuming you are using a real estate agent and not pursuing a “for sale by owner” transaction, your agent will earn a commission on the sale. This will typically...
Attorneys may need to call in other experts to help figure out the value of the house, tax implications, and other critical details. Some realtors focus on divorce real estate and will understand these issues and how they might best be negotiated. Due to their experience, they will also be...
Special allowances for personal property, possible tax implications, home improvements and closing costs Contingency deadlines for the home inspection, appraisal and buyer financing (I’ll cover more on these later) Additional contingencies like the sale of the buyer’s current home An experienced re...
While the Internal Revenue Service allows you to exclude some or all of the profit from selling your home if you qualify, the tax implications differ if you sell the property for less than its cost or adjusted basis. Even though you sell the home at a loss, if it's your primary residen...
Companies often provide special assistance to employees who are affected with a job move, however, there are tax implications for every type of sale. The option of selling the house at a lower price and then reimbursing the employee for the difference is subject to tax. However, option two,...
Our first tip for people who have inherited real estate in Springfield is to give it to a family member. However, you should be aware of the tax implications of this option, which could be more costly than leaving it as an inheritance. Therefore, you should consult an experienced real esta...
Whatever your vision for retirement, you have to consider whether or not you will continue to live in your current home. Some retirees downsize from a house once full of kids. Others want to stay where they’ve lived. Both options have major financial implications, so let's take a look ...
Selling for a gain may have tax implications for theinvestor. Long-term “buy and hold” investors often dislike selling a holding. In short selling, a trader borrows an asset in the hopes the price will fall before they must return it to the lender. ...
The article reports on the tax consequences of helping relocated employees sell their houses in the U.S. Companies often provide special assistance to employees who are affected with a job move, however, there are tax implications for every type of sale. The option of selling the house at a...