The sale of your home is considered taxable income by the IRS. If you are considering buying or selling real estate, it is important to learn about the capital gains tax, which includes real estate transactions. Tax laws also vary by state, so be sure to do research for the state that you live in, so that you understand the tax rates for that state as well.
Yes. There are always some exceptions to every rule, but the general rule is that if you have lived in your home for less than a two year period, you are liable for a capital gains tax at a rate of 15%. You have to declare the sale as income on your next tax return.
If you have lived in a house as your primary residence for longer than a 2 year period, you can sell your house exempt of capital gains taxes on the first $250,000 you make, or on $500,000 if you are married. It all comes down to the original purchase price, the sale price, and the amount of money you ultimately earn on the sale of a home.
We all know that home ownership is expensive. Home sellers don’t want to end up with higher income tax rates after selling a home, but taxes are simply unavoidable if you are trying to avoid jail time, of course. It is always best to speak with a tax professional to ensure that all of your questions regarding real estate transactions and tax implications are answered correctly. That said, there are certainly other ways that you can save money on the sale of a home to help offset any tax bill you may have to pay.
While we cannot offer you a tax break, there are certainly other ways to save money. For starters, skip the real estate agent and consider selling your home for cash. While the sale of your home is still considered taxable income, you won’t have to lose precious dollars paying a high real estate commission. OneStep Offer pays cash fast for homes and can offer you a quick closing date. Selling your house for cash also helps homeowners save money on closing costs. If you’ve made home improvements, you can also use those to get a tax credit, which helps your cost basis too.
Why wait for the right home buyer and then pay a real estate agent commission on the sale of your home before you get taxed? Contact OneStep Offer today and we will buy your home today saving you time and money.
No one wants to be making mortgage payments on a house they no longer want to own. The longer you wait for your closing date, the more mortgage payments you have to make on the vacant home. During this period of time, your budget is stretched thin as you’re paying for a second home.
Every month that you wait to sell your home, you’re putting money into it that you may not get back. Every month that you wait to sell your house, your needs get pushed aside while you pay for two homes. There’s a better way with OneStep Offer!
There’s another pesky risk to leaving your home on the market waiting for a sale. When homebuyers see a vacant house, they think it’s prime for low-balling . This means you may not get a very good offer when you do finally get one. Remember, home buyers are thinking about their own wallets, and they’re hurting from the down payment and closing costs, so they’re looking for a bargain.
The longer the time period between listing the home and selling it, the more likely it is that you’ll receive low offers. You need to sell your home fast, especially when relocating!
You never intended to own two houses. You’re ready to enjoy your current home and put your old house behind you. OneStep Offer helps youstop wasting time and money, so you can enjoy your new home. Our selling process is fast-tracked and requires just a few simple clicks to get started.
Here’s how it works:
Use our simple online request form to give us the details about your real estate. Don’t worry about that dripping faucet or stained carpet. No repairs are needed! We’ll evaluate your home as it is.
We then give you a fair cash offer, without agents or even banks to delay the process. Accept the offer in one simple step, and get money in your pocket for your home. Don’t worry about Realtor commissions, lender denials, down payment problems, or closing costs, but simply put that old house behind you and move forward with the next stage of your life.
With OneStep Offer, you can be immediately free of the burden of owning two homes, without financial or emotional stress.
Stop wasting time and money. It’s easy to sell your home fast. Just fill in the form to request your evaluation today, and sell your old home fast, with no hassle and no headache, through OneStep Offer.
Fill out the quick form to get a cash offer on your house TODAY!