Selling Your House After An End-Of-Year Transfer
An end of the year job transfer can be quite exciting for a number of reasons. For starters, such transfers oftentimes come with the promise of higher pay and/or a higher position within the company. Moreover, they offer new opportunities to experience a new part of the country, or even a new part of the world.
However, a job transfer can also bring about a lot of stress and uncertainty. One of the biggest issues that homeowners will have to deal with in preparation for these transfers is the responsibility of selling their home–all while trying to minimize any potential negative economic impacts of performing such a huge transaction in such a small (and oftentimes pressured) window of opportunity.
Generally speaking, there are two sets of potential problems that arise in such situations. First of all, homeowners must worry about actually making the sale. At the same time, it is important to prepare for the potential tax impact that these sales can have. In this article, we will cover both issues, starting with the actual sale itself.
Making the sale
Selling your home quickly can be difficult: it means always being ready for potential buyers. It means stressing over a window of opportunity. And it may even mean accepting lower price than you had originally anticipated. The fact that winter is a buyer’s market only complicates matters further. Because most homebuyers prefer to buy before the school year has started (and before the holidays have distracted their attention) the number of sellers during wintertime tends to greatly outnumber the buyers.
Selling during the winter is not impossible, however. It simply requires a bit of market savvy. One great option for those looking to sell their homes fast are real estate investors, who tend to make up-front, no-fuss purchases, saving sellers are great deal of time and effort.
Managing your taxes
First of all, you should know that the expenses related to a move you make directly related to work, health, or other “unforeseen circumstances” (generally related to family) may be deductible.
Secondly, it is worth noting that any income you make on a sale may be tax exempt up to $250,000, or even $500,000 for married couples, as long as neither you nor your spouse has already taken this tax break within the last 2 years. One other important caveat: the home you are selling must be your primary place of residence. (So selling, say, a rental property or a summer cottage wouldn’t qualify you for this break, unfortunately.) It’s important to note here that these summaries are only meant to provide a brief overview to the topic: the laws governing these breaks are a bit complicated, so it’s a good idea to check with a tax attorney if you have any doubts.
Do you need to sell your home quickly due to a job transfer or another life change? Blue Marble Properties can help. Visit us online to learn more about our real estate services!