Don’t Let Sellers Leave Tax Breaks on the Table
Remind sellers to question their financial advisers about tax deductions they are suitable for in a household sale. One particular of the possibly significant kinds: providing fees.
CHICAGO – Remind sellers to question their financial advisers about tax deductions they are suitable for in a household sale. One particular of the significant kinds they may well qualify for: providing fees. As very long as a price tag is directly tied to the sale of a household, it qualifies for tax breaks.
Also, sellers who have lived in their household as their principal residence for at least two out of the 5 yrs prior to providing it can receive tax pros. “You can deduct any fees related with providing the household – like legal expenses, escrow expenses, advertising fees and serious estate agent commissions,” claims Joshua Zimmelman, president of Westwood Tax and Consulting in Rockville Centre, N.Y.
But tax professionals say