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9 Tax Myths about Selling Your Home

Keep in mind real estate taxes when selling your home

There are numerous reasons why you might to decide to sell your home. Moving away because of work, family reasons, looking for a change of scenery and surroundings, to name a few. Obviously a variety of factors can be at work if you are selling your home.

But one of the most important aspects to consider before you decide to sell is the real estate tax. One of the key rules you should know is that your gain from the home sale may not be taxable. Here are some clarifications about taxes and selling your home.

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One of the most important things to keep in mind when selling your home are the real estate taxes that might apply upon the sale (Image: Freeimages.com)

Taxes and Home Sale in the US

These are the 9 tax myths related to selling your home that apply in the US. If you live elsewhere, different rules and regulations will apply. It's best to consult your local realtor about that.

1. The minimum age of claiming capital gains exclusion is 55

Previously, only taxpayers over 55 years of age were entitled to capital gains tax exclusion. The exclusion limit was $125,000 that could be used only once in a lifetime.

However, in the year 1997, the newly established Taxpayer Relief Act changed everything. The Act introduced a law that allows everyone to sell and buy as much property as possible, irrespective of one’s age.

2. Capital gains exclusion can be claimed only if one is living in the premises at the time of sale

3. Capital gains exclusion are claimed when one has bought a new home with proceeds of the previous one

4. Capital gains exclusion are claimed for an unlimited number of houses

5. Capital loss can be claimed upon losing cash on the sale of one’s premises

6. One can claim capital gains exclusion by offsetting gains acquired from sale of a house with loss from sale of another

7. Expenses associated with moving are deductible always

8. Cost of various improvements and painting to prepare a house for sale can be deducted

9. A 3.8% additional tax is imposed on the sale of every real estate

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Before you put up your home for sale, get properly informed about capital gains tax laws as they apply in your state or country (Image: Freeimages.com)

These nine tax myths about taxes and selling your home should be used only for informative purposes and a starting point to obtain the right and current information.

If you are contemplating on putting a house for sale, you should properly inform yourself via official sites and consult with financial experts or your realtor. Laws change and different things might apply. So it's best to get up to date legal information and advice from your realtor and other real estate and property tax professionals.

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