Are you looking to selling you home? Here are some valuable insight and quick tips on navigating the tax benefits you can take advantage of when selling your home.
When you go to sell your house, did you know that there are tax benefits that you can take advantage of?
1. You can mitigate any capital gains tax if you're a single individual up to $250,000, in a married couple up to $500,000. That's a tax savings right off your taxable income for these.
2. You can have deductible expenses. So anything you pay a real estate agent in commissions, perhaps you pay legal fees and your title insurance, that is all a tax deduction to you as a seller of your property.
3. You could take advantage of taking the equity of the property you're selling and rolling it into another property using a 10-31 exchange.
Take advantage of those three tax benefits to you as a seller, knowledge is power, and I'm here to deliver that to you.