Tax Considerations Before Selling / by Lee McKnight

Many forces, internal and external, lead to the decision to sell. Although they are rarely the main driver in a selling decision, taxes are impacted by every property transaction. Earlier this month, we read this helpful article by a local CPA outlining various tax implications of selling your home.

One of the things she mentions is keeping track of any expenditures on capital improvements (very important to hang onto these records!). So, if you're unsure which expenses count toward reducing the taxable profit as determined by the IRS, here is a primer on that topic.

Don't hesitate to reach out if you have other questions. Although we are not CPAs–and, unfortunately, the one who authored the article is not taking new clients–we can likely point you in a direction to get the information and expertise you need.