| Selling
a Property
Learning the ins and outs.
The
first step to selling your home is to find out what it is worth
in today’s market. The easiest way is through a Comparative Market
Analysis or CMA. To get a CMA on your home without any obligation,
simply fill in some information and I will get back to you with
one, and walk you through the procedures. |
Capital Gains
When selling a home you may have to pay capital gains taxes on them. If you
have the home as a primary residence, and have lived in it 2 out
of the last 5 years, you will automatically be able to deduct $250,000
before paying capital gains. If you are married and lived there,
you can deduct $500,000 for both.
There is also a 1031 Tax Free Exchange that is possible for properties that were
for investment and have not been lived in by the owner. This is
where one property is exchanged for another, and taxes are deferred
on the transaction. For instance, you sell a rental property in
West Ashley, and purchase another in James Island. You can divert
the taxes from the West Ashley sale, as long as you use it to purchase
the new property. It can be a complicated process, so please contact
me for more information.
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