Tag: Capital Gains Tax
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I Inherited a Home. Should I Sell It, or Rent It Out?
Many heirs receive real estate because it’s a valuable asset — not necessarily because they need the homes to live in. So, for the heir who doesn’t want to live in the inherited home, what’s the best decision to make? Rent or sell the home? The answer is clear: It all depends! It’ll turn on…
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Reporting a Home Sale? What to Know About Capital Gains Tax (Even If You’re Exempt)
Hopeful buyers have struggled on and on with real estate price surges. Those who have managed to break into this market have watched their home values surge, too. When these homeowners decide to sell, the profits they accumulated in their homes are known to the Internal Revenue Service (IRS) as capital gains. People who sold…
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Capital Gains: Were Profits on Your 2023 Home Sale EXEMPT? Head Form 1099-S Off at the Pass.
People who sold their homes in 2023, after living in them for a while and enjoying their low mortgage rates, have seen big gains in their property values. Fortunately, most of these gains won’t be taxed. If you sold a home in 2023, your lender or broker may give you Form 1099-S. Federal law requires…
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Using a Quitclaim Deed: What Are the Drawbacks?
A quitclaim deed is a simple form that transfers a piece of real estate from one person to another. Any homeowner can fill out a quitclaim deed with their name and the name of the recipient, and the property’s existing legal description, sign it in front of a notary and record the document. That effectively…
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Can a Quitclaim Deed Be Undone?
A quitclaim deed transfers real estate to a new owner. A properly completed and recorded quitclaim cannot be undone. Here’s why — and what to do next if there’s a problem with the transfer.
