IDEAL AGENT Real Estate Blog

Do You Have to Pay Taxes on a Home You Inherited and Sold?

Inheriting a house is stressful enough without wondering whether selling it will trigger a tax bill you weren't prepared for. The good news: thanks to one specific tax rule, most people who sell an inherited home owe far less tax than they expect. Short answer: When you inherit a home, your cost basis is generally "stepped up" to the property's fair market value on the date of the original ow ...

Net Proceeds Calculator: What You'll Actually Walk Away With

Your sale price is not your payday. Between commission, closing costs, mortgage payoff, and prorated expenses, the number that actually lands in your bank account is often 8–10% lower than what your h ...

1031 Exchange Basics for Sellers Who Also Own Rental Property

If you're selling an investment or rental property — not your primary residence — there's a tax strategy worth understanding before you list: the 1031 exchange, which can defer capital gains tax entir ...

Depreciation Recapture When Selling a Former Rental

If your home was ever a rental property — even for part of the time you owned it — selling it can trigger a tax most sellers of a straightforward primary residence never encounter: depreciation recapt ...

Do You Get a 1099 When You Sell Your House?

Closing day comes with a stack of paperwork, and sellers are often surprised to learn a tax form might be part of it — even when they don't expect to owe any tax on the sale at all. Short answer: ...