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.
Should I Update My House Before I Sell It?
Should I Update My House Before I Sell It? Some Highlights If you’re deciding whether you should make updates before you sell your house, lean on your agent to be your guide. If the market is flooded with houses for sale, updates...
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...
Two Graphs That Show Why You Shouldn’t Be Upset About 3% Mortgage Rates
Two Graphs That Show Why You Shouldn’t Be Upset About 3% Mortgage Rates With the average 30-year fixed mortgage rate from Freddie Mac climbing above 3%, rising rates are one of the topics dominating the discussion in the housing market today. And since...
Salt Lake homebuyers, on average, paid $120,000 more than they did the same quarter last year
Numbers Don’t Lie – It’s Still a Great Time To Sell
Numbers Don’t Lie – It’s Still a Great Time To Sell Some Highlights Heading into the end of the year, you might wonder if it’s still a good time to sell your house. Here’s what the latest data from the National Association of Realtors (NAR) says. Housing supply is...
Experts Project Mortgage Rates Will Continue To Rise in 2022
Experts Project Mortgage Rates Will Continue To Rise in 2022 Mortgage rates are one of several factors that impact how much you can afford if you’re buying a home. When rates are low, they help you get more house for your money. Within the last year, mortgage rates...
Sellers Have Incredible Leverage in Today’s Market
Sellers Have Incredible Leverage in Today’s Market With mortgage rates climbing above 3% for the first time in months, serious buyers are more motivated than ever to find a home before the end of the year. Lawrence Yun, Chief Economist for the National Association of...
The Mortgage Process Doesn’t Have To Be Scary
The Mortgage Process Doesn’t Have To Be Scary Some Highlights Applying for a mortgage is a big step towards homeownership, but it doesn’t need to be one you fear. Here are some tips to help you prepare. Know your credit score and work to build strong credit. When...
Housing Challenge or Housing Opportunity? It Depends.
Housing Challenge or Housing Opportunity? It Depends. The biggest challenge in real estate today is the lack of available homes for sale. The low housing supply has caused homes throughout the country to appreciate at a much faster rate than what we’ve experienced...
There Are More Homes Available Now than There Were This Spring
There Are More Homes Available Now than There Were This Spring There’s a lot of talk lately about how challenging it can be to find a home to buy. While housing inventory is still low, there are a few important things to understand about the supply of homes for sale...
