Found 2 blog entries tagged as closing dates.

IRS has provisions for homeowners regarding the sale of a principal residence that allows for temporarily renting the home without losing the ability to exclude the gain if the home is sold under the correct conditions.

The rules for the exclusion of gain on the sale of a principal residence are:

  • Up to $250,000 of gain may be excluded for single taxpayers and up to $500,000 for married taxpayers filing jointly.
  • Ownership and Use must have been a principal residence for two of the five years preceding the date of sale (closing date). This allows for a temporary rental for up to three years maximum.
  • Either spouse may meet the ownership test.
  • Both spouses must meet the use test.
  • No exclusion has been used in the previous 24-month…

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The Super Bowl and World Series determine the football & baseball champions. Since there can only be 1 champion, the other team loses. In feudal times, a knight might champion for the king or romantic or religious cause.

Fierce competition can occur when buying or selling a home. Each party wants to get the “best deal” possible. When the buyer &seller aren’t equally matched, and they rarely are, it’s important to have a champion on your side to fight for your cause.

The price of the home, type of financing and concessions, personal property, closing dates and possession are just a few things that can be negotiated in a contract. Since the seller wants to get the most for their house and the buyer wants to pay the least, their causes are…

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