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Real Estate Tax Tips for Home Sellers

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The Peninsula lake community on Norris Lake The Peninsula lake community on Norris Lake

If you're moving into a new home you've just purchased here's a couple of tips that may put a little extra money in your pocket. Depending your individual situation, a deduction of certain moving expenses can be claimed if you are moving to a new home because you changed a job location or started a new job?

Deductible Moving Expenses

For 2012, the standard mileage rate for using your vehicle to move to a new home is 23 cents per mile. You may be able to deduct moving expenses whether you are self-employed or an employee. Your expenses generally must be related to starting work at your new job location. However, certain retirees and survivors may qualify to claim the deduction even though they are not starting work at a new job location.

Also see IRS Deductible Moving Expenses - Publication 521

Sale of Residence

You may qualify to exclude from your income all or part of any gain from the sale of your main home. Your main home is the one in which you live most of the time. If you sold your main home, you may be able to exclude up to $250,000 of gain ($500,000 for married taxpayers filing jointly) from your federal tax return. This exclusion is allowed each time that you sell your main home, but generally no more frequently than once every two years.

Also see Sale of Residence - Real Estate Tax Tips

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Read 4459 times Last modified on Tuesday, 29 April 2014 14:53

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