Northern Illinois Real Estate – Did you Know about Tax Breaks from the Sale of Your Home?

 

 201 Barnswallow listing

Did you know¦If you are selling or have just sold your home and you have a gain you may be eligible for a tax break.

 Some Tax Tips from the IRS article http://www.irs.gov/newsroom/article/0,,id=243682,00.htmle.      

1.              You may be eligible if you have lived in your home for at least 2 of the last 5 years.

2.             You may be able to exclude up to $500k for joint or $250k for individual.

3.             You can only use the exclusion on one home you lived in during the last two year period.

4.             You don™t have to report it on your tax return if you exclude all of the gain.

5.             Any gain is taxable that is not excluded.

6.             Investment property losses are deductible primary residences are not.

7.             Check out Publication 523 for a worksheet on this.

8.             You can only exclude the gain from one home you live in.   (The one you live in most)

9.             If you received the first time home buyer tax credit for the home you live in and you don™t live there for 36 months then you have to repay the credit when it becomes not your primary residence.

10.     When you move remember to notify the   IRS.

For more information check out the link : http://www.irs.gov/newsroom/article/0,,id=243682,00.htmle  

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Posted By:   Julie Anne – The Julie Anne Real Estate Team at Keller Williams Success Realty

Northern Illinois Real Estate AgentBarrington – Deer Park Real Estate Expert and surrounding areas

847-370-4509      julie@homesbyjulieanne.com

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