Seller Tip – Condition

You can get more money for your home, and sell it quicker if it’s in the RIGHT CONDITION.

Seller Tips – Big Dreams

IRS Tips for Home Sellers

If you’re selling your main home this summer or sometime this year, the IRS has some helpful tips for you. Even if you make a profit from the sale of your home, you may not have to report it as income.

Here are 10 tips from the IRS to keep in mind when selling your home.

1. If you sell your home at a gain, you may be able to exclude part or all of the profit from your income. This rule generally applies if you’ve owned and used the property as your main home for at least two out of the five years before the date of sale.
2. You normally can exclude up to $250,000 of the gain from your income ($500,000 on a joint return). This excluded gain is also not subject to the new Net Investment Income Tax, which is effective in 2013.
3. If you can exclude all of the gain, you probably don’t need to report the sale of your home on your tax return.
4. If you can’t exclude all of the gain, or you choose not to exclude it, you’ll need to report the sale of your home on your tax return. You’ll also have to report the sale if you received a Form 1099-S, Proceeds From Real Estate Transactions.
5. Use IRS e-file to prepare and file your 2013 tax return next year. E-file software will do most of the work for you. If you prepare a paper return, use the worksheets in Publication 523, Selling Your Home, to figure the gain (or loss) on the sale. The booklet also will help you determine how much of the gain you can exclude.
6. Generally, you can exclude a gain from the sale of only one main home per two-year period.
7. If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is usually the one you live in most of the time.
8. Special rules may apply when you sell a home for which you received the first-time homebuyer credit. See Publication 523 for details.
9. You cannot deduct a loss from the sale of your main home.
10. When you sell your home and move, be sure to update your address with the IRS and the U.S. Postal Service. File Form 8822, Change of Address, to notify the IRS.

For more information on this topic, see Publication 523. It’s available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Seller Tip – Asking Price

Selling Tip – Your Bank Account

Selling Tip – See The Light

Seller Tip – Discount Brokers

Seller Tip – Big Dreams

Keller Williams – Highest Customer Satisfaction

Top Remodeling Jobs – A guide

This article was taken from the National Association of Home Builders and gives some insight into what projects are seen as most valuable to home owners, which indicates they would also be most important to home buyers.  So, if you’re planning to upgrade the value of your home, here’s a great guide for you to use.

“Bathrooms Top Kitchens as Most Popular Remodeling Project in 2011

Special questions included on NAHB’s Remodeling Market Index (RMI) survey show that home owners remain interested in updating the most heavily used rooms in their homes.  Bathroom remodeling was a common job in 2011 for 78 percent of the remodelers responding to the 1st Quarter 2012 RMI survey—highest for any type of remodeling project included on the questionnaire—followed by kitchen remodeling at 69 percent.

Bathrooms and kitchens have consistently been the two most common types of jobs for professional remodelers since the inception of the RMI survey in 2001.  After 2009, however, bathroom and kitchen remodeling switched places, with bathrooms moving into the top spot.  The 78 percent of remodelers citing bathrooms as a common project in the first quarter of 2012 is an all-time high.

Other popular jobs in 2011 (listed as common by at least 35 percent of remodelers) were window and door replacements, repairing property damage, and whole house remodeling, although whole house remodeling is down significantly from its peak in the mid-2000s. Less common remodeling jobs include finishing attics, garages and adding second stories.  Adding and repairing roofs, siding and decks were cited as common projects by a little under one-quarter of the remodelers.

The survey report, including complete history for the question on common types of remodeling jobs, is available online at http://www.nahb.org/fileUpload_details.aspx?contentID=180910 ”