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.
How the Appraisal and Inspection Empower You as a Homebuyer
Buy or Sell with Marty Gale "Its The Experience" Principal Broker and Owner of Utah Realty™ Licensed Since 1986 General Contractor 2000 (in-active) e-pro (advanced digital marketing) 2001 Certified Residential Specialist 2009 Certified Negotiation Expert 2014 Master...
Where Are Mortgage Rates Headed?
Where Are Mortgage Rates Headed? There’s never been a truer statement regarding forecasting mortgage rates than the one offered last year by Mark Fleming, Chief Economist at First American: “You know, the fallacy of economic forecasting is: Don't ever try and forecast...
Why a Real Estate Professional Is Key When Selling Your House
Why a Real Estate Professional Is Key When Selling Your House With today’s real estate market moving as fast as it is, working with a real estate professional is more essential than ever. They have the skills, experience, and expertise it takes to navigate the highly...
Using Your Tax Refund To Achieve Your Homeownership Goals This Year
Using Your Tax Refund To Achieve Your Homeownership Goals This Year If you’re buying or selling a home this year, you’re likely saving up for a variety of expenses. For buyers, that might include things like your down payment and closing costs. And for sellers, you’re...
The Future of Home Price Appreciation and What It Means for You
The Future of Home Price Appreciation and What It Means for You Many consumers are wondering what will happen with home values over the next few years. Some are concerned that the recent run-up in home prices will lead to a situation similar to the housing crash 15...
Balancing Your Wants and Needs as a Homebuyer Today
Balancing Your Wants and Needs as a Homebuyer Today Since the number of homes for sale is low today, it can feel challenging to find one that checks all your boxes. But if you know which features are absolutely essential in your next home and which ones are just nice...
What’s Happening with Mortgage Rates, and Where Will They Go from Here?
What’s Happening with Mortgage Rates, and Where Will They Go from Here? Based on the Primary Mortgage Market Survey from Freddie Mac, the average 30-year fixed-rate mortgage has increased by 1.2% (3.22% to 4.42%) since January of this year. The rate jumped by more...
The Many Benefits of Homeownership
The Many Benefits of Homeownership The past two years have taught us the true value of homeownership, especially the stability and the feeling of accomplishment it can provide. But homeownership has so much more to offer. Here’s a look at a few of the non-financial...
Why It’s Critical To Price Your House Right
Why It’s Critical To Price Your House Right When you make a move, you want to sell your house for the highest price possible. That might be why many homeowners are eager to list in today’s sellers’ market. After all, with record-low inventory and high buyer demand,...
This Spring Presents Sellers with a Golden Opportunity
This Spring Presents Sellers with a Golden Opportunity If you’re thinking of selling your house this year, timing is crucial. After all, you’ll want to balance getting the most out of the sale of your current home and making the best investment when you buy your next...
