Seemingly always near the end of the year, you’ll hear people talking about how they’re rushing to get a closing done on a property they own for capital gains tax reasons. Many homeowners are left wondering if these same tax rules apply to them and the sale of their home. With tax season right around the corner, the homeowner should have a working knowledge of the following basic information about capital gains taxes. First things first: The IRS taxes individuals for capital gains that they may have realized during the course of a tax year. So, it begs the questions, what are… read more →
Often times home buyers and sellers of real estate are unaware of what is encompassed by the term “closing costs”. This is especially true for first time home buyers. What is included as closing costs for your particular transaction may vary. However, below are some common closing costs, some of which you can expect to pay at the closing of your next home purchase. Generally speaking, closing costs are defined as miscellaneous fees charged by those involved with the home sale (such as your lender for processing the loan, the title company for handling the paperwork, a land surveyor, local government offices… read more →
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