Important Information for Sellers – Know before you sell! These tips will help you make decisions regarding your property sale and tax consequences. IMPORTANT: Everyone’s situation is different. Please seek legal advice and the advice of a CPA before making any assumptions. This page is designed to offer helpful information, but it cannot substitute for professional legal and accounting advice.
Important Tax Information from NAR about the 3.8% Tax – This link explores several different scenarios regarding the capital gains tax as it applies to real estate. Every seller’s situation is different. Taxable gains on similarly priced properties may vary widely, depending on a seller’s other investment decisions and taxable income. The scenarios here present a good introduction to the impact of this capital gain tax on the sale of real estate.