Jay Thomas Real Estate Team

  The tax implications of selling a home can vary based on factors such as how long you owned the home, whether it was your primary residence, and the amount of profit you made from the sale. Here are some key points to consider: Capital Gains Tax Exclusion for Primary Residence: In the United States, if the home you're selling is your primary residence and you've lived in it for at least two of the five years leading up to the sale, you may qualify for the capital gains tax exclusion. As of my last knowledge update in January 2022, this exclusion allows individuals to exclude up to $250,000 of capital gains from the sale of the home ($500,000 for married couples filing jointly). Capital Gains Tax for Investment Properties: If the property you're selling is not your primary residence (e.g., it's an investment property), you may be subject to capital gains tax on the profit. The tax rate depends on your income level and how long you held the property. Short-term...

  The inspection process is a crucial part of both buying and selling a property . Whether you're a buyer trying to ensure you're making a sound investment or a seller aiming to understand the condition of your property, inspections play a pivotal role in the real estate transaction. Here's an overview of the inspection process for both buyers and sellers: For Buyers: Identify the Need for an Inspection: ·    Once you find a property you're interested in, it's essential to schedule a professional inspection. It can help uncover any hidden issues or potential problems. Hire a Home Inspector: ·     Choose a licensed and experienced home inspector. You can ask your real estate agent for recommendations or find inspectors independently. Ensure they have the necessary qualifications and certifications. Schedule the Inspection: ·         Coordinate with the seller's agent to arrange a suitable date and time for the...