Browsing All posts tagged under »tax«

Selling Your House Doesn’t Have To Be Taxing!

August 11, 2011


Internal Revenue Code (IRC) Section 121 permits a married couple to exclude up to $500,000 of capital gain from the sale and a single person to exclude up to $250,000 of capital gain, provided the house being sold was their principal residence for two of five years preceding the sale.

Selling Real Estate Can Be Taxing!

June 16, 2011


When you sell a piece of real estate, Uncle Sam will be checking to see if he is entitled to a piece of the pie. So too will state government, and possibly city government as well! And you may owes taxes even if your property is underwater and is being foreclosed upon or being sold in a short-sale.