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.
Avoid Mortgage Mistakes Buyers Make: Expert Tips
Key mortgage mistakes to avoid include not getting pre-approved, overlooking credit scores, and failing to compare mortgage options. Buyers should budget for total homeownership costs, including property taxes and maintenance. Skipping home inspections and neglecting...
Top Strategies to Sell Your Home Fast in 2025
Price your home right from day one to attract more offers and avoid sitting on the market too long. Boost curb appeal with simple upgrades—fresh paint, landscaping, and clean entryways make a strong first impression. Use professional photos and staging to showcase...
5 Smart Tips to Save Money on Home Closing Costs
Closing costs can add up to more than $10,000, but buyers have strategies to reduce them. Local banks may offer grants, credits, or fee waivers that cut costs without repayment obligations. Conventional loans with larger down payments often reduce costs compared to...
5 Key Takeaways: How to Negotiate to Cut Costs When Closing on a Home
Homebuyers can save money by negotiating key aspects of the purchase, including repairs found during inspections, closing costs, and the closing date. Buyers may also negotiate for home contents like appliances and furniture to be included, as well as for sellers to...
Chasing 4%: The Future of Mortgage Rates
Mortgage rates are expected to gradually ease over the coming years, though a return to 4% remains a longer-term possibility. Past 4% levels were achieved during periods of strong monetary support, showing rates can fall when economic conditions shift significantly. A...
Will 2029’s Home Prices Surpass Pre-Bubble Levels?
National home prices expected to rise by 19.8% through 2029, averaging 3.7% annual growth. Price Growth 2025 (+3.4%) 2026 (+6.8%) 2027 (+10.8%) 2028 (+15.2%) 2029 (+19.8%)
8 Tips for First-Time Home Buyers
First-time homebuyers should save for a down payment, typically 20%, and budget for additional costs like fees, moving, and furniture. Choose a neighborhood that fits long-term needs, prioritize must-haves, and get a home inspection to avoid surprises. Use a mortgage...
5 Reasons Enticing Me to Buy a Home Before 2025 Ends
Slide 1 Mortgage rates dropped to around 6%, down from the 7.79% peak in 2023. Slide 2 Housing supply rose 15.7% in 2025, giving buyers 1.55 million homes to choose from. Slide 3 Home prices are still high but rising slower, with just 2.9% annual growth mid-2025....
22 Real Estate Investment Strategies
Real estate investing offers strategies for wealth building, passive income, and portfolio diversification, including buy-and-hold, fix-and-flip, REITs, and rental property diversification. REITs have shown stability and often outperform stocks over time, while...
Housing Market’s Next Chapter: Second Half 2025
Borrowing costs set to ease, boosting affordability and enticing sidelined buyers back into the market. Sales expected to strengthen modestly, with fall poised to show the year’s best momentum. Prices likely to rise gradually, reflecting steady demand and limited...
