Selling home has important - and confusing - tax consequencesTerry Savage
Other tax consequences There's also the possibility of other tax consequences when selling a home with a large profit. For example, boosting adjusted gross income can affect eligibility forhealth insurance subsidies, and may require someone to pay back premium credits at tax time. And retirees inc...
The article presents answers to several questions submitted by readers about personal finance including those related to the tax consequences of selling a home, the 2014 deadlines for contributing to employer-sponsored retirement plans and individual retirement accounts, and the gap known as the doughnut...
Understanding the tax ramifications of the foreclosure process can help minimize the financial consequences. There are several possible outcomes of a bank foreclosure, and each will affect your taxes differently.
Capital gains tax applies to profit made from selling your home. Learn what capital gains tax on real estate is, when you must pay it, and if you can avoid it.
Asset vs. Stock Sales: Weighing Tax Consequences of the Buyer and Seller, Section 338 Elec... January 9, 2025 • CPE, EA • CPE On-Demand This program is included with the Strafford CPE Pass. Click for more information. This program is included with the Strafford CPE+ Pass. Click ...
Failing to pay the correct amount of taxes can result in legal consequences, audits, and potentially criminal charges. Accurate estimation demonstrates a commitment to following the law. Strategic tax planning: Accurate estimation also plays a vital role in strategic tax planning. By knowing your ...
value since you purchased it. Eventually, when you dispose of the property, either voluntarily or involuntarily, you'll need to determine the federal income tax consequences of that built-in appreciation, including some important situations in which your gain might be tax-free or otherwise deferred...
Part of the Series Guide to Selling Your Home Getting Ready to Sell Selling Strategies Real Estate Agents The Owner-Seller Option The Selling Process Tax Consequences How Home Sales Are Taxed CURRENT ARTICLE Avoiding Capital Gains Capital Improvements and Your Tax Bill ...
Part of the Series Guide to Selling Your Home You could owe capital gains tax if you sell a home that has appreciated in value because it is a capital asset. However, thanks to the Taxpayer Relief Act of 1997, most homeowners are exempt from needing to pay it.1If you're single, you...