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“Let’s Talk Real Estate! “DOES THE NEW TAX LAW… ” March 20th, 2019

Mid Realty officeJarlynn Hyde

Lets Talk Real Estate!

“DOES THE NEW TAX LAW HAVE AN IMPACT ON SELLERS?” 

While the 2018 Tax Cits and Job Acts created some changes in the mortgage deduction (including reduction of the amount of a mortgage that can be deducted), there are no changes to the taxation on the sale of a home. Although the sale of a home is a taxable event, the 1997 Taxpayer Relief Act enabled homeowners to exclude the first $250,000 ( $500,000 for married filing jointly) gains from the sale of a primary residence. With the median cost of the typical U.S. home considerably below these limits, many couples won’t have to pay taxes on the sale of their homes; however, they must have lived in the home as the primary residence for two of the last five years. Whether you’re ready to move into a bigger home for your growing family, downsize to a smaller place or relocate to a different part of the country for work, the process of selling a house requires work. The more work you do, including finding an agent to list your home, making necessary repairs and keeping your property in pristine condition, the more you’ll increase your chances of attracting serious buyers willing to pay top dollar. For more information about listings or listing your home, pelase call our office.   “OUR SUCCESS HAS BEEN BUILT ONE SATISIFIED CUSTOMER AT A TIME.”

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