This listing was posted on Claz.
sell home fast San Antonio
Location:
San Antonio, TX
Description:
Paying taxes on an inherited property can be a little bit tricky. For example, do you still get up to a $250,000 tax credit? Can a capital loss be deducted if the home sells for less than market value? It's probably a little overwhelming. But not to worry, we've worked with lots of people in San Antonio who were in the same position... and here are a few things that you should probably be aware of. There's No Home Sale Tax Exclusion Typically, a seller would be able to deduct up to $250,000 in taxes on the sale of their home. But that's only on a primary residence. So it only applies to an inherited home if you live in it and use it as your primary residence for two years. You'll Benefit From Stepped-Up Basis Rules The good news is that "stepped-up basis" rules consider the home's value as being its fair market value at the time of the owner's death. This is almost always a higher number, which can work in your favor tax-wise if the property is sold (because if you sell for less than the stepped-up basis, you'll have taken a "loss"). You Can Deduct Up To $3,000 Per Year For Losses Any loss that is taken on the sale of your inherited property can be deducted from your taxes (a "loss" is when the property is sold for less than its fair market value). But you can only deduct up to $3,000 per year. How To Sell Quickly, As-Is For Cash Want to sell your inherited home quickly sell home fast San Antonio, as-is for cash? At Murphy Home Buyers, we buy properties just like yours and we can even close in as little as two weeks and we'll pay all closing costs. Give us a call at (210) 361-XXXX to learn more!
Category:
Real Estate Agents & Services
Posted:
October 5 2023 on Claz
Visit Our Partner Website
This listing was posted on another website. Click here to open: Go to Claz
Important Safety Tips
These might be signs of fraud:
- Really cheap prices
- Irregular email adresses
- Contact info in pictures
To learn more, visit the Safety Center or click here to report this listing.