Tax Facts for Sacramento Home Sellers -Whats My Sacramento Home Worth? – Rigley Realty Group

whats my sacramento home worth - mike rigley 916-396-7487Tax Facts for Sacramento Home Sellers –Whats My Sacramento Home Worth? – Rigley Realty Group 

Sacramento Realtor and Sacramento Area Specialists Mike & Jennifer Rigley here bringing you the latest Sacramento Real Estate Information. Thank you for joining us. To get a better idea of what your home is worth call us today at 916.660.5823 or log on to www.TodaysHomeValues.info for your free estimate.

Today let’s talk about the Tax Facts for Sacramento Home Sellers

According to the California Association of Realtors, here are 5 simple Tax facts home sellers should know.

If you have a gain on your principal residence that exceeds the allowable deduction it is taxable

If you’ve owned and lived in your home for at least 2 to 5 years prior to selling, you can exclude up to $250,000 of the gain from your income. However, you are NOT eligible for this exclusion if you sold another principal residence within the past 2 years and excluded that allowable gain from your income.

You can NOT deduct a loss from the sale of your primary residence

If you received the first time home buyer credit. There are special rules that apply if and when you sell your home.

If you are able to exclude all the gain from primary residence sale, you do not need to report the sale on your tax return.

To stay up to date on the latest Real Estate news, Market Trends, Options and Solutions to Foreclosure and Short Sale information log on to www.RigleyRealtyGroup.com

What’s my Sacramento Home Worth? Call us today at 916-660-5823 for a free no obligation consultation or log on towww.TodaysHomeValues.info to find out. Call us today – you’ll be glad you did.

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Leave a Reply

You must be logged in to post a comment.