1031 Exchange Basics for Sellers Who Also Own Rental Property

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 entirely as long as you follow specific rules and timelines. Short answer: A 1031 exchange lets you defer capital gains tax and depreciation recapture on the sale of investment property by reinvesting ...

Depreciation Recapture When Selling a Former Rental

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?

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: ...

Property Tax Proration at Closing: Who Pays What

Property Tax Proration at Closing: Who Pays What

Property taxes don't stop accruing just because you're selling mid-year — and untangling who owes what for the months before and after closing is one of the more confusing lines on a seller's closing ...

The $250K/$500K Home Sale Tax Exclusion, Explained

The $250K/$500K Home Sale Tax Exclusion, Explained

There's one tax rule that matters more to most home sellers than any other single piece of the tax code: the home sale exclusion. It's the reason the overwhelming majority of people who sell their pri ...