Make the Most of Tax Breaks When You Sell Your Home

graphic with text how selling your home can impact your taxes

When selling your home, you may qualify to exclude from your income all or part of any gain from the sale of your primary residence when filing your tax return.

There are rules of ownership to determine if you qualify for the exclusion, as well as special treatment of gains and losses and special exceptions. You should always consult with your accountant or the IRS before making any decisions regarding tax compliance.

Here are tips from the IRS to keep in mind when selling your home:

Why Hasn't Your Home Sold? . . . The 8 Most Common Reasons

funny frustrated man pulling his hair out

Did your listing expire without selling? Is everybody else's home selling but yours? If you're serious about selling, then you're probably pretty frustrated. It's time to take a fresh approach.

There are reasons your home has not sold that are unique to your situation. Here are the 8 most common reasons a house remains unsold as well as actions you can take to get it sold.

The Many Ways Homeownership Affects Your Taxes

home ownership and taxes, what you need to know

Whether your home is a house, condominium, cooperative apartment, mobile home, houseboat, or house trailer that contains sleeping space and toilet and cooking facilities, there are things you should know about home ownership and how it affects your taxes.

Things like how you treat items such as settlement and closing costs, real estate taxes, sales taxes, home mortgage interest, and repairs. There are items related to buying, selling, moving, and owning a home that you can and cannot deduct on your tax return.  

Why You Shouldn't Wait Until Spring to Buy or Sell

man making a chess move

If you're thinking of selling or buying real estate in the Chicagoland area, you have probably heard about the very low inventory of available properties to buy.  At the moment inventory levels have plunged to new multi-year lows in many areas.  There is very little competition for sellers, and there are lots of buyers just waiting for homes to come on the market.

In most Chicago communities inventories are down from 10-30% from this time last year . . . and inventories were low last year at this time.

No Time To Prepare Your Home to Sell? Do These 4 Things

home seller leaning on a moving box

There is a ton of advice out there on how to get your home ready to sell.  It's all good advice, and even complete home staging is a good idea, but a lot of people just don't have the time or the money to do the things they would like to do to make their house the best it can be.

If you're one of those people who is seriously time-challenged or financially challenged, then here are a few things you can accomplish that will have the most impact on getting your home sold in the least amount of time for the most money.