Tax Considerations when Selling Your Home

Summertime is quickly approaching, which means the prime residential real estate selling season is in full swing. Is 2014 a good time for you to sell your home? Well, it might just depend on your tax situation.

Taxes can play a major factor when selling your principal residence, especially when it comes to assessing your profit, thanks to the home sale gain exclusion tax break. The rules are pretty straightforward for most sellers, and if you qualify, your profit could be spared from federal income taxes.

The Weaver newsletter article Selling Your Home? Tax and Other Considerations discusses the exclusion and additional home selling considerations in further depth:

• Basic qualifications, including the ownership and use test
• Reduced exclusion options for “premature” sales
• Average mortgage interest rates
• Tips for preparing your home for sell
• Other factors, such as previous participation in tax-free rollover

For a discussion specific to your situation, contact Andy Freundlich, partner-in-charge of Weaver’s real estate services.