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This Week’s Top Ten List

According to the IRS…

September 1, 2011
Maui Weekly

1. You may be eligible to exclude the gain from income if you have owned and occupied your primary residence for two of the five years prior to the date of sale;

2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 from your income;

3. You are ineligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home;

4. If you can exclude all of the gain, you don’t need to report the sale on your tax return;

5. If you have a gain that can’t be excluded, it is taxable;

6. You can’t deduct a loss from the sale of your main home;

7. You can figure the adjusted basis, gains (or losses) on worksheets included in “Publication 523, Selling Your Home;”

8. You may only exclude a gain from the sale of your main home;

9. If you received the first-time homebuyer credit and the property is no longer used as your principal residence within 36 months of the date of purchase, you are required to repay the credit;

10. When you move, update your address with the IRS and Post Office to ensure you receive refunds from the IRS.

When dealing with any kind of tax law, it is wise to consult a tax professional before making any major decisions. To learn more about tax rules for selling your home, grab a copy of the “IRS Publication 523, Selling Your Home.” You can request a copy by visiting www.irs.gov or by calling 800-TAX-FORM.

 
 

 

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