Selling a vacation home is going to take a little more energy than selling a primary residence because the two are taxed so differently. The process becomes even more complicated if sellers generated rental income during their time of ownership. What are the tax implications of selling a second home? To understand the full implications of a sale, sellers should know the basics of capital gains, capital losses, and depreciation before putting the home up on the market.
For informational purposes only. Always consult with a certified tax expert before proceeding with any real estate transaction.
Capital Gains Tax: How It Works
How does capital gains tax work? A capital gain refers to the total cost of appreciation from the time the asset was
…
Both buyers and sellers need to know about home-buying contingencies in a contract. These clauses can offer some advantages but may also create certain obligations that need to be met within stated timeframes. This may serve to move the purchase of a property along or provide a legal means for a party to get out of the contract. What should buyers and sellers know about home-buying contingencies?