Selling a vacation home will come with different tax implications than selling a primary home will. Because a second home is defined as a luxury good, the government is far less forgiving about its appreciation. Learn more about how to calculate taxes and the options available to defer those taxes.
For informational purposes only. Always consult with a certified tax expert before proceeding with any real estate transaction.
The Truth About Capital Gains
Capital gains refer to any asset that appreciates over time. Once the owner has determined exactly how much the asset has appreciated, they're then taxed on the profits. Capital gains are more commonly referred to in the stock market rather than the real estate market, but the tax code
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Buying a vacation home can be a wonderful time in any homeowner's life, though it is different than buying a home for the first time. It's more than a sign of financial stability, it's an opportunity to live a different lifestyle for a few weeks (or months) of the year. It's a chance to rent out the home and receive a sizable second income from the investment. Before hunting for that perfect property though, it helps to understand the tax implications of a new home, and how finances will be affected before April 15 of next year.
After buying new home, new home owners may discover that they’re getting mail from companies trying to sell them a home warranty. Like a warranty for a cell phone protects it in case the screen breaks or it stops working, a home warranty protects a home’s appliances in case they stop working. With a home warranty, homeowners can call their provider who will arrange for someone to come out and fix the problem with as little fuss as possible. Here are some of the different reasons homeowners may want to purchase a home warranty and what it means for them.
Under normal circumstances, homes are sold using a real estate agent on the open market. However, sometimes, it becomes necessary to sell a home when the mortgage value is more than what the home can sell for. This is called a short sale.
It’s common for home buyers to think that they should have a large home in order to be happy with it or because it’s what everyone wants, but this completely untrue. While some people need large houses for their families or because they have a lot of possessions, smaller homes are actually becoming more and more popular as time goes by. While small homes may not have the space that large homes do, they offer a lot of advantages that large homes miss out on. Here are some of the reasons buyers should try looking at downsizing when looking for their next home.
Home improvements need to be done right, or they can devalue a home. Sometimes, homeowners are capable of doing their own home improvements, but other times, the home improvement needs to be done by a qualified contractor. When thinking of selling a home, homeowners often need to decide.
When a homeowner is new to painting, it can be difficult knowing what tools to use. There are many, many different tools and products on the market that are stated to be helpful when painting, but so many options can be overwhelming for homeowners who have never painted a room before, especially for those who may be trying to sell their home. Are paint brush covers really necessary, and is painters tape really all it’s cracked up to be? Here are some of the best painting tools that homeowners can’t skip if they want to paint their own walls.
As homes age, it’s inevitable that they will need work to keep up their condition. And when selling a home, it’s recommended that the homeowner complete repairs on the home before putting it on the market. However, due to time constraints, money constrains, or other factors, not every homeowner can do this, and they instead opt to sell the home as a fixer-upper. Selling a fixer-upper can be more difficult than selling a move-in ready home, but it’s isn’t impossible. Using these 4 tips can help homeowners prepare their home for selling to make it easier to find a buyer.
When homeowners work on their home, they may take any number of paths to get the results they want. Some hire certified contractors, some rely on the help of friends and family, some do the work entirely on their own - in other words, a DIY project. But not everyone realizes the nature of home improvements or that their local authorities may have very different ideas about what is and isn't allowed done on a property. Learn more about unpermitted work, and how it can be remediated.
If you're inexperienced with home landscaping, getting started can be intimidating. Knowing what to plant and how to keep it alive can make your home look beautiful all year round. Whether you have just bought your first home or just not experienced with landscaping, here's what you need to know.