The tax factor

If you are looking to sell your home, you might consider consulting with a tax adviser regarding the sale's impact on your federal tax return. There are many factors that can dramatically affect your return, and it's important that you eliminate any surprises. Some examples include:

How you obtained the home. Did you purchase it or was it an inheritance?
Was your home strictly for personal use or did you office out of it?
Have you lived in the property for two of the previous five years?
Fees or costs associated with selling your property
Did you make any major (or minor) renovations or repairs?

The tax factor can have far-reaching implications, many for the best. Before selling, be sure to talk with a tax professional.

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