How to Sell Your Home Archive


Can I deduct a loss on the sale of my home?

Sunday, November 25th, 2007
No. A loss from the sale of personal-use property, such as a home or car, is not deductible. They are considered nondeductible personal losses, and you cannot reduce your tax bill by deducting them the way you would deduct stock and investment losses on your tax returns.


What if you have more than one home?

Sunday, November 25th, 2007
For more than one home, you can exclude the gain only from the sale of your main residence. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is usually the one you live ...
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How do capital gains work when you sell your home?

Sunday, November 25th, 2007
If you sell your primary residence, you may be able to exclude up to $250,000 of gain - $500,000 for married couples - from your federal tax return. To claim the exclusion, the IRS says your home must have been owned by you and used as your main home for ...
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How does a lease option work?

Sunday, November 25th, 2007
A landlord agrees to give a renter an exclusive option to purchase the property. The option price is usually determined at the outset, but not always, and the agreement states when the purchase should take place - whether, say, six months, or a year or two down the road. ...
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What is a lease option?

Sunday, November 25th, 2007
It is an agreement between a renter and a landlord in which the renter signs a lease with an option to purchase the property. The option only binds the seller; the tenant has a choice to make a purchase or not. ...
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What are the benefits of seller financing?

Sunday, November 25th, 2007
Seller financing is a viable option when the seller does not immediately need the entire cash equity they have accumulated in the home. ...
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What is seller financing?

Sunday, November 25th, 2007
Also known as a purchase money mortgage, it is when the seller agrees to "lend" money to the buyer to purchase and close on the seller's home. Usually sellers do this when money is tight, interest rates are high or when a buyer has difficulty qualifying for a conventional loan ...
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What is a bridge loan?

Sunday, November 25th, 2007
It is a short-term bank loan of the equity in the home you are selling. You may take out a bridge loan, or interim financing, to help with a knotty situation: closing on the home you are buying before you close on the property you are selling. This loan ...
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Any advice on negotiating?

Saturday, November 24th, 2007
Be patient, know your home's worth, adopt a positive attitude, and do not let emotions---anger, pride, greed, or prejudice---get in the way of negotiating the best deal. ...
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What kinds of things are considered material facts?

Saturday, November 24th, 2007
The following examples include details that would qualify as material facts that must be revealed by sellers about their homes: ...
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