Death of a Spouse and Selling Your Home
Selling your home after the passing of a Spouse can be Tricky
According to IRS Publication 523, when your spouse passes away, you are entitled to utilize their $250,000 capital gains exemption in addition to your own $250,000 one-time exemption for up to 2 years from the date of your spouse’s passing. However, if you sell more than 2 years after the death of your spouse, you are only entitled to use your own $250,000 one-time exemption on capital gains tax. If your home equity is likely to exceed $250,000 this could affect you dramatically.
Here’s a good place to start. The first number you need is how much you paid for your home when you bought it. The second number you will need is a total of all of the monies you paid for capital improvements on your property (i.e.: pools, new roofs, new furnaces, and other improvements). Hopefully, you have a file with all of these receipts you have saved over the period you have owned your home. The last number you will need is an idea of what your home is worth in today’s market and a “net sheet” indicating how much you will likely have in your pocket from a sale. These last items are ones that we are happy to help with. If you need to find out the potential market value of your home please fill the request out and we will reply.
Please check with your accountant to verify the current tax regulations.
204146381731437105
204146381731437105
Acquista Lyrica 150 mg Online in Italia: Offerte e Informazioni Utili
Perché scegliere noi? La vostra soluzione Il nostro miglior prodotto Lyrica (Pregabalin) Vantaggi principali Agente antiepilettico Principio attivo Pregabalin Dosi disponibili 75 mg, 150 mg, 300 mg Un prezzo imbattibile A partire da soli 0,77 euro per pillola Comprare...
Top 8 most asked questions from Home Buyers and Sellers.
Top 8 most asked questions Home Buyers and Sellers ask From Home Buyers 1. **What is the current market condition?** Buyers want to know whether it’s a buyer’s or seller’s market to gauge competition and pricing. 2. **What are the property taxes and homeowners...
Navigating Complex Transactions: The Broker Benefit over using a Real Estate Agent
Navigating Complex Transactions: The Broker Benefit In the intricate world of real estate transactions, the distinction between opting for a broker over an agent plays a pivotal role in not just simplifying the process, but in elevating the entire experience....
Five Key Factors Driving The Improvement In Home Affordability
Five Key Factors Driving The Improvement In Home Affordability In recent years, the landscape of home affordability has undergone tangible transformations, with several key factors contributing to a more accessible real estate market for a broader demographic. This...
Insights Into The Dynamic Shift: Home Values Rise As Median Prices Fall
In the ever-evolving landscape of the real estate market, a surprising trend has emerged—one that defies conventional wisdom and prompts a closer examination of underlying factors. This article delves into the complexities behind the seemingly paradoxical...
Secrets to a Successful Sale of Your Home
In the intricate dance of real estate, where emotion meets investment, the art of selling your home demands a blend of strategy, finesse, and keen insight. As navigators through the ever-evolving property landscape , homeowners poised to make their move must...
Why Buying Beats Renting in Salt Lake County Utah
In the current real estate climate, making the decision between buying a home and renting is more crucial than ever, particularly within the vibrant communities of Salt Lake County. This article delves into the five fundamental reasons why purchasing a property...
Evaluating Your Options: Should You Sell Your Home In 2024?
In contemplating the future of one’s real estate investments, the decision to sell a home in 2024 demands a meticulous evaluation of the current economic landscape, market trends, and individual financial goals. This article aims to provide homeowners with a...
Are Home Prices Going To Come Down?
Are Home Prices Going To Come Down? Today’s headlines and news stories about home prices are confusing and make it tough to know what’s really happening. Some say home prices are heading for a correction, but what do the facts say? Well, it helps to start by looking...