Understanding the Tax Implications of Selling Your Home
Posted by Rozi Dover on
Selling your home can be an exciting milestone, but it’s important to understand the potential tax implications before you close the deal. From capital gains taxes to possible deductions, knowing what to expect will help you make informed decisions and avoid surprises at tax time.
Hi, I’m Rozi Dover, your local real estate expert, and in this blog, I’ll break down the key tax considerations when selling a home and share tips to help you navigate the process.
1. Capital Gains Tax: What You Need to Know
When you sell your home for more than you paid for it, the profit (or “capital gain”) may be subject to taxes. However, many homeowners qualify for significant exemptions that reduce or eliminate this tax burden.
Key points about capital gains…
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