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.
Sell Your House Before the Holidays
Sell Your House Before the Holidays As you look ahead to the winter season, you’re likely making plans and thinking about what you want to achieve before the year ends. One of those key decision points could be whether or not you want to move this year. If the...
Taking the Fear out of Saving for a Home
Taking the Fear out of Saving for a Home If you’re planning to buy a home, knowing what to budget for and how to save may sound scary at first. But it doesn’t have to be. One way to take the fear out of budgeting is understanding some of the costs you might...
when one door closes
Applying for a Mortgage Doesn’t Have To Be Scary
Applying for a Mortgage Doesn’t Have To Be Scary Some Highlights Even with higher mortgage rates, the mortgage process doesn’t need to be something you fear. Here are some steps to help as you set out to buy a home. Know your credit score and work to build strong...
Millennials Are Still a Driving Force of Today’s Buyer Demand
Millennials Are Still a Driving Force of Today’s Buyer Demand If you’re thinking about selling your house but wondering if buyers are still out there, know that there are still people who are searching for a home to buy today. And your house may be exactly what...
3 Graphs Showing Why Today’s Housing Market Isn’t Like 2008
3 Graphs Showing Why Today’s Housing Market Isn’t Like 2008 With all the headlines and talk in the media about the shift in the housing market, you might be thinking this is a housing bubble. It’s only natural for those thoughts to creep in that make you think it...
Pre-Approval Is a Critical First Step on Your Homebuying Journey
Pre-Approval Is a Critical First Step on Your Homebuying Journey If you’re planning to buy a home this year, one of the first steps on your journey is getting pre-approved. Especially in today’s market when mortgage rates are higher than they were just a few months...
Tips For First-Time Homebuyers
Tips For First-Time Homebuyers Some Highlights If you’re trying to buy your first home in today’s housing market, you’ll want to know what you can do as mortgage rates rise and inventory stays low overall. Connect with a lender to get pre-approved, prioritize your...
Saving for a Down Payment
Saving for a Down Payment? Here’s What You Should Know. As you set out to buy a home, saving for a down payment is likely top of mind. But you may still have questions about the process, including how much to save and where to start. If that sounds like you, your down...
How an Expert Can Help You Understand Inflation & Mortgage Rates
How an Expert Can Help You Understand Inflation & Mortgage Rates If you’re following today’s housing market, you know two of the top issues consumers face are inflation and mortgage rates. Let’s take a look at each one. Inflation and the Housing Market This...
