For most people who sell a home, there is no reason to fear a huge tax bill, even if the value of your home has risen dramatically over the years. Thanks to provisions included in the 1997 Taxpayer Relief Act, a married couple can realize a $500,000 profit on a home sale and not owe a dime to the federal government. If you're single, the exemption is $250,000. It's not a one-time exemption, and you need not buy another home to qualify for it.
Specific Use Requirements
In order to qualify for the tax exclusion, the home you are selling must be primary residence, and you must have occupied it for two full years of the previous five, not necessarily consecutive. Requirements can get a bit more complicated for married couples filing joint tax
As a first time home buyer, you're likely to hear a lot of discussion about FHA loans. FHA loans help many first time home buyers get the home they want at a rate they can afford. Understanding the way FHA home loans work and how FHA may help you is an important part of getting a loan that will work for your needs.
Make sure to discuss all options with your lender to understand what will work best for your home buying situation.
What is FHA?
An FHA loan is a loan that's insured by the Federal Housing Administration. In fact, this can be a source of confusion for many home buyers: FHA is not a bank or a lender. FHA lenders are simply lenders who are approved to provide FHA loans to home buyers.
Digital marketing techniques have been widely adopted by the real estate industry as excellent, cost-efficient tools for marketing listings on a global scale. But no matter how good the online marketing strategy is for inviting buyer interest, most home sales still occur on a local level, making it also important to include time-tested marketing methods, such as the open house.
In order for your Loxahatchee River home showing to be successful, sellers must begin with careful preparations.
Maximize the Look of Cleanliness
While every seller likely understands the need for making sure their home is perfectly clean for every visit from a prospective buyer, they may not be maximizing their efforts.
Just as an athlete can make the most trying tests of physical endurance seem like child's play, television has a way of making house flipping seem like a cake walk. Certainly, you've seen the shows. Energetic people purchase an ugly house, spend a week or two fixing it up, then sell it for a huge profit.
Easy, right? Not really.
As they say, numbers don't lie. And it wasn't long ago that the numbers didn't amount to a sizable payday for very many. RealtyTrac reported that investors flipped 152,862 houses in 2013. That is, they bought a house and sold it again within six months. While the number was increasing at a rate of 16 percent from 2012 and 114 percent since 2011, the average profit only netted $58,081. Considering labor and time