Ten Tax Tips from the IRS for Individuals Selling Their Home

Ten Tax Tips from the IRS for Individuals Selling Their Home

The Internal Revenue Service has some important information for those who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may be able to exclude all or part of that gain from your income.
Here are 10 tax tips from the IRS to keep in mind when selling your home.

1. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.

2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).

3. You are not eligible for the full 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 do not need to report the sale of your home on your tax return.

5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.

6. You cannot deduct a loss from the sale of your main home.

7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude. Most tax software can also help with
this calculation.

8. 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 ordinarily the one you live in most of the time.

9. Special rules may apply when you sell a home for which you received the first-time homebuyer credit. See Publication 523, Selling Your Home, for details.

10. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive mail from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.

For more information about selling your home, see IRS Publication 523, Selling Your Home. This publication is available at IRS.gov or by calling 800-TAX-FORM
(800-829-3676).

Links:

• Publication 523, Selling Your Home (PDF)
• Form 8822, Change of Address (PDF)
• Tax Topic 701 - Sale of Your Home
• Real Estate Tax Tips - Sale of Residence

YouTube Videos:

• Selling Your Home - English | ASL
• First-Time Homebuyer Credit Account Look-Up Tool - English | Spanish | ASL

Podcasts:

• Selling Your Home - English
• First-Time Homebuyer Credit Account Look-Up Tool - English | Spanish

For more about the Greater Fall River area, visit my website at www.stevew-homes.com or contact me directly at 508-558-8035.

Homes in the Highlands neighborhood in Fall River, MA.

Homes in the Highlands neighborhood in Fall River, MA.



Historic Highlands mansion



Located in the northern end of the City of Fall River, the Highlands neighborhood offers block after block of predominantly single family homes in a lovely suburban setting, close to most everything, yet away from the feel of the city.

The Highlands is actually split in to two neighborhoods, the Upper Highlands and the Lower Historic Highlands. The Upper Highlands is made up of homes built mostly during the 20th century. You will find beautiful Dutch Colonials in the Leemingville area, along with large rambling 1950’s style executive ranches, large shingle style colonials built between 1900 and 1930, and a number of smaller capes and cottages built after World War Two. The Lower Highlands boasts many Victorian era mansions, some still having out buildings which housed the horses and wagons of the day. The television show “This Old House” highlighted the Highlands area of Fall River as one of the Best Old House Neighborhoods in 2009.

          

See homes for sale in Fall River, MA



Pretty Highlands street



Easily accessible to the major highways in the region, living in the Highlands is very convenient. Bounded on the east by Route 24, it is an easy commute to the north lying cities of Taunton, Brockton and Boston. Head south on Route 24 and pick up Interstate Route 195 where you are minutes away from New Bedford to the east and Providence to the west. Follow Route 24 South and you can be in Newport in less than a half hour.  With the new Veretans Memorial Bridge spanning the Taunton River, all the commercial businesses, malls and plazas of Somerset and Swansea are just minutes away.

                                                   More Fall River, MA information



Highland Ave Fall River MA



The President Avenue neighborhood in the Highlands offers residents just about any retail convenience a community could need, including 24 hour pharmacy, liquor, hardware, and grocery stores, Post Office, banks and fast food, to name a few. Also located in the Highlands neighborhood is The Charlton Memorial Hospital, part of the Southcoast Health System, and many physician’s offices and labs supporting the hospital.     

 All levels of education can be found in the Highlands. The recently built Spencer Borden Elementary school on President Avenue serves many of the young students from the area in grades K through 5. Morton Middle School, currently and temporarily housed in the Lower Highlands in the former Kuss Middle School building, will soon be located just below the Highlands at the foot of North Park. The brand new, state of the art facility is expected to be opened in the Fall of 2013. Elsbree Street is the home of both BMC Durfee High School and Bishop Connolly High School, and the main campus of Bristol Community College.  

Looking down and west from both the Upper and Lower Highlands neighborhoods you can see for miles past the scenic Taunton River, to the banks of Somerset, and on a clear day beyond past Swansea to the Providence skyline. The wide avenues with picturesque homes and historic buildings make the Highlands neighborhood a haven for joggers and walkers any time of year. For the convenience of city living with the feel of the suburbs, the Highlands Neighborhood in Fall River, MA is not to be outdone!

For more about the Greater Fall River area, visit my website at www.stevew-homes.com  or contact me directly at 508-558-8035.

See homes for sale in Fall River here.

 If you are considering purchasing a home in the Greater Fall River area and want to view homes for sale in Fall River, Somerset, Swansea, Dighton, Berkley, Freetown,  Dartmouth, or Westport, please read on about this community and call or e-mail me for an appointment.  I am ready to get started on the search for your new home.  If you are considering selling a home in the same greater Fall River area, please contact me to arrange an appointment to receive a free comparative market analysis.  Find out what your home is worth in today's market!



Fall River MA



There are currently 805 single family homes for sale in Greater Fall River area. This is a 16% decrease in the number of homes for sale as compared to the same time last year. The current median asking price for single family homes in the area is $299,900 (as of June 27, 2012). This is a -1.7% decrease in asking price as compared to this time last year. See complete market information for each of the towns in the area here.



Dartmouth MA



The Greater Fall River area is very diverse. Fall River is a historic mill city with areas of “three deckers”, mixed single family and multi family neighborhoods, and even some rural areas and is the hub of the area. Colorful neighborhoods with names like the Flint, the North end, the South End, the Highlands and the Lower Highlands, Steep Brook, the Reservation, Niagra, Maplewood and the Globe, to name a few, each have their own history and culture. Westport and Dartmouth with their ocean coastal neighborhoods have much open space and farmland. Berkley, Dighton, and Somerset and Fall River are all set on the Taunton River and have their own maritime histories. Many towns including Freetown enjoy lakes and  huge tracks of forested land.

Bisected by interstate routes 24 and 195, the entire Greater Fall River Area is ideally located less than hour drive from Boston, Newport, R.I., Providence, R.I. and Cape Cod.  

I service the Greater Fall River Area and I'm available TODAY to help you find the home you've been searching for.  I am a Realtor®, and in addition to the technical aspects of real estate transactions, the next most important service I can provide my buyers and sellers information. As a 4^th generation native of the South Coast I know and love the area. I have experienced the whole area, and use this experience to assist and motivate buyers to find their perfect new home or investment and in turn help sellers accomplish their goals.

 For more information about each of these great communities visit my webpage at www.stevew-homes.com or visit my Facebook page for the Greater Fall River area and join the community! To contact me directly, call me at 508-558-8035 or email me at swaddicor@comcast.net.

Member Greater Fall River Association of Realtors, Massachusetts Realtor Association, MLS and the National Association of Realtors.

Fall River,MA condo. Own for less than renting!

Fall River,MA condo. Own for less than renting! Invest in you future! DON”T RENT! Own this completely remodeled 750 Square foot, 2 bedroom, ground level condo for less than $500 per month!




All new kitchen, new carpets, freshly painted, absolutely NOTHNG to do to move in! This is an outstanding opportunity to own your own home in the north end of Fall River for LE$$ than you may be currently be paying for rent! Close to shopping, easy access to Route 24. See more pictures here:

 http://www.stevew-homes.com/idx/details.aspx?mls=71396110&aid=CT003304

or call me now at 508 558 8035!

Steve Waddicor

SB&A Realty Group

508 558 8035

http://www.stevew-homes.com/

Another HUD owned one family home deal. This one in Raynham, MA  –

Come and make an offer on  this extended single level contemporary family home offering 3 bedrooms, fireplaced living room, dining room, kitchen, bonus room and 1 ½ baths. The open floor plan is further enhanced by sliders out to a large fenced yard.  Tons of potential here at a bargain price!

                                               See more here!

 For more information about HUD homes, or other homes for sale in the the Greater Fall River area, visit my website at  www.stevew-homes.com  or contact me directly at 508-558-8035.

The housing market in the Greater Fall River, MA area for the period of January through May is showing improvement this year over 2011. The number of single family home sold during this period is up 23% over last year, while the median price dropped 3%. The areas measured include Fall River, Assonet, Freetown, Dighton, Somerset, Swansea, Westport and Dartmouth. The total number of single family homes currently for sale in the area has dropped significantly from a total of 923 units to 765, or a decrease of 17% while the median asking price has remained constant.

Statistics for sales for the individual municipalities vary greatly from town to town. Dighton saw a 17% drop in the number of sales while Freetown enjoyed a 65% increase.  Every town is showing a decrease in available inventories of homes with the exception of Berkley which has 1 more home fore sale this year as compared to last. Median Sale prices were split with 4 communities showing increases and 4 showing decreases in sales price.  Similarly 5 communities have asking prices lower that last years’ median asking price and 3 communities’ median asking price has increased.

Overall, more real estate is changing hands in the Greater Fall River area in 2012. Interest rates are at all time lows and buyers should be out there shopping, but with current inventories dropping, pricing could start to moderate or possibly start to increase.

View the statistics for each individual city and town in the Greater Fall River area here.

To learn more about the Greater Fall River MA area, visit my website at http://www.stevew-homes.com/ or contact me directly at 508-558-8035.

Check out the deals in Fall River June 8 thru 17 during Fall River Restaurant Week!!!

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Check out the deals in Fall River June 8 thru 17 during Fall River Restaurant Week!!!
Enjoy Pre-fix lunches for $7.99 and dinners from $19.99 to $24.99!

I am a foodie and love to eat out, and these deals are not to be missed. Enjoy dining at one or all these local eateries in the Greater Fall River Area:

Bella, Scampi, Mesa 21, Jillians Sports Pub, Terra Nostra, TA's, St. James Irish Pub, Entourage, Trio (Fall River and Dartmouth locations), Nonnie's, Battleship Brewhouse, Dartmouth Wasabi, The Assonet Inn, Tap House, Samantha's, Georgio's Steak house, Magoni's, Chad's Chowderhouse, Cinderella, Venus, and more!

Support our local restaurants and businesses!