For most people, April 15 is their least favorite day of the year since it only means one thing… paying taxes. But it’s not all doom and gloom for taxpayers. There’s a ray of sunlight, especially for Randolph County home sellers who could look forward to some incentives during tax season.
A big incentive for a Randolph County NC home sellers is if they have lived and owned their home for at least 2 of the last 5 years, they can exclude $250,000 of any gain (maximum of $500,000 if you are filing joint returns). The exception is those who have already had this deduction taken within the past two years.
Losses can be deducted from an income property, but Randolph County NC home sellers could not deduct losses from the sale of their primary home.
For Randolph County home sellers who are recipients of the one-time First-Time Home Buyer Credit when they bought their home, special rules apply. To find out more about these rules, it would be best to get tax advice from an expert. One example is those who have not deducted the points paid for their mortgage will be granted special considerations. For more details, refer to IRS Publication 523.
This means that Randolph County NC home sellers should make sure that they know what these homeowner’s tax benefits are and take advantage of it. These benefits are provided by the government to encourage taxpayers to steer towards homeownership, which will actually benefit the economy of the entire nation.
For tax advice, make sure to consult a tax professional or expert. If you are ready to buy or sell your Randolph County NC home, contact me right away so I could help you through every step of the way.