183. Tax Tips For Selling Your Papillion NE House!

we buy properties in Papillion NEWe Buy Houses In Papillion Nebraska. We are local homebuyers in NE and we offer cash for houses in Papillion. It’s almost that time of year… yes, tax season is almost upon us! If you are selling a house in Papillion, you will love these tax tips for selling your home! This article is for informational purposes only!

For specific questions, contact a trusted tax professional, or the IRS! 

Tax Tips For Selling Your Papillion NE House!

Not All Profits Are Taxable In NE

cash for properties in Papillion NEYou will be able to exclude a high portion of your profits so long as certain conditions are met. Typically, you will be able to exclude $250,000 from your tax return, and up to $500,000 if filing a joint return. (However, if you sell for a loss, you won’t be able to take a deduction for that amount.)

The deduction is only available when selling your primary residence, and can only be used once every two years. To qualify for the deduction, you must have lived in the residence for at least two of the past five years.

It is important that whenever you move, your address is updated with the IRS.

Other Exclusions In Nebraska

If you do not meet the requirements above, you might still be able to exclude a portion of your profits from your income tax. There are many special conditions you can meet in order to receive a prorated, tax-free gain. If you need to sell because of a change in your health, a job change, or other unforeseen circumstances, you will be able to write-off a portion of the profit.

Reporting The Sale In Papillion

sell my property in Papillion NEYou will need to report the sale if you receive a 1099-S form from the closing agent. This form provides the IRS with information regarding the proceeds from real estate transactions. To avoid reporting, make sure that you are able to exclude all profits. Let the agent know at the time of closing that the form will not need to be issued. Even if you are able to deduct all profits, if the form is issued, you will still need to file it with the IRS… even if no money is owed.

Capital Gains Taxes In Papillion NE

If you are selling an investment property or house you have only owned briefly, you will likely be subject to the capital gains tax. Capital Gains taxes are dependent on how much you make. If you have a lower income, you will pay no capital gains taxes. People in higher tax brackets can pay upwards of 20%. Short-term assets are typically taxed the same as ordinary income.

First-Time Nebraska Homebuyer Credit

house buyers in Papillion NEDepending on the dates you bought and sold, you might have to pay back all or part of the credit you received. Typically if you move within 36 months of purchasing the home, the credit must be paid back upon the sale of the home. Special rules apply and can be found in Publication 523 from the IRS.

Deduct Selling Costs In Papillion

When selling your Papillion house, you will be able to deduct any reasonable cost when selling your home. This includes the closing costs, improvements made in order to sell the house, assessments, marketing costs, agent fees, and so on. Keep track of every cent you spend in an effort to sell your home. Come tax time, this can amount to major deductions!

Sell My House In Papillion NE

As reputable Papillion home buyers, no matter what time of the year you sell your house in NE, it is always important to seek the counsel of professionals. Consult your agent, accountant, and attorney to make sure you have set up the best terms for yourself.

Don’t stress too much about taxes when putting your house up for sale in Papillion. Odds are Uncle Sam won’t be getting his hands on your profits.

Do You Want To Sell Your House In Papillion? We Can Help! Send Us A Message Or Give Our Office A Call Today! (402) 431-2560

Get More Info On Options To Sell Your Home...

Selling a property in today's market can be confusing. Connect with us or submit your info below and we'll help guide you through your options.

Get Your Free Offer TODAY!

Ready to sell your house and be done with the headache? We promise to make the selling process fast and easy. 100% Free and ZERO obligation. What do you have to lose? Start below or give us a call (402) 431-2560
  • This field is for validation purposes and should be left unchanged.