Monday, April 01, 2019 / by Dixie Simon
If you make money on a home sale, you may have a tax bill coming.
Selling your home and finding a new place to live can be exciting—especially if you anticipate making some money in the process. As anyone who has received a paycheck knows, earning income and paying taxes go hand-in-hand. If you stand to profit from selling your home, you may be subject to the capital gains tax. So if you’re wondering, “What is the capital gains tax?” then you’ve come to the right place. Here are some of the factors that affect capital gains tax.
How Long Have You Lived There?
There are two rates for the capital gains tax:
The short-term capital gains rate and the long-term. If you’ve owned your home for one year or less when it sells, those earnings may be subject to the short-term capital gains tax. The short-term tax corresponds to your regular income tax bracket.
The long-term capital gains rate applies if you’ve owned yo ...
Saturday, March 30, 2019 / by Dixie Simon
Can someone please explain the difference?
What a great question for both the Seller and the Buyer
A Title Company is an insurance agency. They represent title insurance companies that ensure clean title to buyers and lenders. A title needs to be free and clear of encumbrances or any cloud on said title that would cause a financial loss. The potential financial loss is what is insured.
The settlement transaction (the order in which documents are executed and filed for public record) together with the financial accounting of said transaction is insured in the event any error or omission. For the title insurance company to ensure the closing, they will require that it be done by a qualified closing agent who represents their company. A title company is used to close the deal.
In many areas, especially in smaller communities where there are no title insurance company offices, attorneys can close a real estate transaction. The attorney submits a resume and ...