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    Selling Your Home - Tax Issues
    by Barry Waxler


    Buying your first home can be a nerve wracking event given the massive debt you take on. When you sell, the profits can also be huge. Unfortunately, this raises tax issues as well.

    It is no secret the current real estate market is not exactly a hot one. Home values are down. Demand is down. Prices are down. Money is tight in the mortgage industry. If this all leads to you selling short, going through foreclosure or selling flat with no profit, you don't have to worry about paying taxes. There is no profit, so the IRS gets none of your green.

    Ah, but what if you sold with a profit. If you've owned your home for five or more years, you are probably still sitting on large appreciation gains regardless of the current downturn in the market. When you sell the property, these gains are considered profit by the IRS. The IRS likes profits because it means taxes have to be paid in most cases.

    Fortunately, the federal government has a strong, favorable policy regarding home ownership. There is little secret that owning real estate is what makes the middle class the middle class in this country.

    Given this policy, it makes little sense to penalize people when they sell their home. On the other hand, the government needs its bit to pay for all the things it spends money on. The compromise between these two issues is found in profit exclusions created before taxes kick in.

    If you are an individual homeowner, you can exclude up to $250,000 in profit from the sale of your home. A married couple filing jointly can exclude $500,000. To qualify for these exemptions, you must first have owned the home for 2 of the previous 5 years and you must have lived in the home for 2 of the previous 5 years.

    As with any tax situation, there are complexities, regulations and exceptions to these rules. Make sure you speak with a CPA or financial planner to get specific advice on your situation.

    Barry Waxler provides advice on financial planning and answers your questions for free at UFCAmerica.com.

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