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Tax Tips for the Sale or Purchase of a Main Residence [Video]

By Chad Chandler | | 0

Get more information about why you should consider a CPA to ensure you are in the best possible tax situation on your main residence sale or purchase.

[embed]https://www.youtube.com/watch?v=xIPd9re8qJY[/embed]

 

Video Transcript:

Often times clients will call into our office who have either sold their home or they're about to sell their home and they're not sure what's deductible. They're not sure if they might owe tax on the sale and there are a lot of details to that. There are new rules that a lot of the clients don't know about and we can help walk through those and if there is a taxable situation we can help to minimize that.

Often times I hear them talk about laws that have been expired for some time now and so they may be making decisions that are unnecessary to avoid a taxable event,

If they rent it out there is a big difference between treating that as a temporary rental versus a permanent rental. If they make the wrong decision they could lose up to a $500,000 gain exclusion.

Contact a Real Estate Tax Professional Today

To learn more about the real estate tax services at Chandler & Knowles CPAs, contact us today at (817) 430-3000 or fill out our contact form to schedule your appointment at one of our offices in Flower Mound or Addison, TX. Not from the area? We are still happy to assist you over the phone or through email.

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Posted in Real Estate, Tax Preparation

About Chandler & Knowles CPAs:

Chandler & Knowles CPAs is dedicated to serving our clients with an integrated approach to financial success for businesses, families and individuals. Our knowledgable team is committed to providing you with the most detailed information to answer your biggest financial questions and to help make your life less taxing.

Learn more about achieving financial success by reading our blog!