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Ryan

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Managing Partner of TruVest Next Generation, Development & Technology. Partnering w/ communities & homeowners to build affordable housing #realestate

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5 Sweet Tax Deductions When Selling a Home: Did You Take...

Are there tax deductions when selling a home? So whether you're selling your home soon or sold it last year, you'll want to know all the tax deductions (not to mention tax exemptions or other write-offs) at your disposal. “If you needed to make home improvements in order to sell your home, you can deduct those expenses as selling costs as long as they were made within 90 days of the closing,” says Zimmelman. 2018 tax changes: None. Property taxes If you were dutifully paying your property taxes up to the point when you sold your home, you can deduct the amount you paid in property taxes for the time you owned it. 2018 tax changes: This deduction is still allowed, but your total deductions are capped at $10,000, Zimmelman says. As a reminder, capital gains are your profits from selling your home—whatever cash is left after paying off your expenses, plus any outstanding mortgage debt. The only big catch is you must have lived in your home at least two of the past five years. 2018 tax changes: None. Ralph DiBugnara, president of Home Qualified and vice president at Residential Home Funding, says lawmakers would like to change this so that homeowners would have to live in the property for five of the past eight years, instead of two out of five.