April 2018

Found 2 blog entries for April 2018.

How Taxes Work When Selling a Vacation HomeVacation homes aren't treated the same as a primary residence when it comes to selling, which means owners may need to do a bit more research than they had initially planned. The tax breaks are very few and far between because the home is technically considered a luxury good. See how capital gains and depreciation can work either for or against a seller and what a seller can do to either reduce or delay the amount they have to pay.

Capital Gains for Vacation Homes

Traditional sellers are more or less exempt from paying capital gains on a home that's appreciated over time, but vacation home sellers will have no such luck. In this case, the owner of a vacation home is taxed the same way a stockholder is taxed on their gains. While sellers can

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What Home Buyers and Sellers Ned to Know About Home ContingenciesAre you looking to sell a home and do you need to include home sale contingency clauses in a contract? There are benefits and drawbacks to such contingencies but they do offer a legal way for contracted parties to meet specific actions or terminate a contract. How may home sale contingency clauses impact the selling or buying of a home?

What Is a Home Sale Contingency Clause?

A contingency clause may often be found within either an offer to purchase a property or a real estate sales contract. The transaction is binding if the home sale contingency clause is met. If the clause is not met or not met within the time frame specified, the buyer or seller may back out of the contract without a penalty. There are often specific terms or a timeframe

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