If you’ve recently sold your Chevy Chase home this year, congratulations! We know what a great feeling that is. And though it’s only December, it’s not a bad idea to start thinking about tax season and what the sale of your home can mean. Be sure to contact your accountant if you have any questions or concerns about the sale of your home.

Do You Have To Report The Sale Of Your Chevy Chase Home?

In certain cases, you don’t need to report your home sale on your tax return. Always check with your tax professional, but if you exclude all of your gain (in which it was less than $500,000 on a joint return or $250,000 on a single return) you usually don’t have to report it.
If your gain was over this amount, you must report the sale of your home on your return. Plus, you may have to follow special rules if you have sold your first home.

How Many Chevy Chase Homes Do You Have?

You typically have to report any gains made on a second property you own. It’s usually a good idea to work with a tax advisor if you have more than one property.

Are There Certain Things I Won’t Be Able To Deduct?

You won’t be able to get a tax deduction for financial losses.

Have Any Questions About Home Selling In Chevy Chase? Let Me Know!

As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.

Sincerely,
Melinda Estridge
melinda@estridgegroup.com
Long and Foster Realtors
Office: 301-657-9700
Mobile: 301-370-7859
http://www.chevychaseliving.com/