Ten Tax Tips for Individuals Selling Their Home

Sunday, August 21, 2011

See more details about Highmark

The Internal Revenue Service has some important information to share with individuals who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Here are ten tips from the IRS to keep in mind when selling your home.

  1. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.
  2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).
  3. You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.
  4. If you can exclude all of the gain, you do not need to report the sale on your tax return.
  5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.
  6. You cannot deduct a loss from the sale of your main home.
  7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude.
  8. If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.
  9. If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year’s tax return.
  10. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.
See more details about Highmark

Another foreclosed condo at Steamboat’s Highmark equals a deal for the luxury condo buyer.

Saturday, August 21, 2010

See more details about Highmark

The Highmark at Steamboat has suffered some ups and downs - evidenced by being recognized as filling an unmet high-end niche while also sporting a couple of oreclosure condos just listed on the Steamboat Springs MLS. Tough times are hopefully ending as Steamboat sales pick up and the developer hands over the management keys to a local property management company - Mountain Resorts. Financial troubles hit early in construction and The Highmark was a swimming hole for Steamboat ducks because the foundation sat filled with spring run-off. A drawn-out construction process followed and the building was finally finished with an exterior color scheme you either love or hate. The Highmark first opened as a luxury rental property but recently succumbed to an unsuccessful auction by a marketing plan that couldn’t produce sales. Indeed, The Highmark has had a checkered history to date. However, change has been good. The friends and clients I’ve sent there to stay, love the place for the luxury finishes, ski resort views, convenience to the slopes and world class service, all at a bargain price. And The Highmark is on track for more success with new management…

Mountain Resorts President Steve Frasier said it was the recent sales that contributed to the developers’ decision to seek a locally based property management company that was focused solely on the Steamboat market as they anticipate turning the property over to a homeowners association. “We have the ability to transition from the developer to the HOA smoothly”.

- Steamboat Today Over 1500 square feet, newer construction, a few minutes walk to the Steamboat gondola and only $625,000 as of today’s date, these 2 newly listed foreclosure condos are bank owned real estate and worth a closer look. Call Dean Laird 877-678-0884 about these properties or for more Steamboat foreclosure market conditions.

Technorati Tags: , , , , , , , ,

See more details about Highmark

Admin area