Home sellers are always interested in their tax deduction options. If you recently sold a home without meeting the basic ownership and use criteria for waiving capital gains tax, you might still be able to claim reduced exemptions if you meet certain other criteria.
Homeowners who had to sell because of a change in place of employment can qualify for reduced tax. You must prove that the job change occurred while you owned and used the home as your primary residence, and that your new job is located at least 50 miles farther from your residence than your previous place of employment.
A reduced exclusion from capital gains tax may also be granted for health reasons. If your motivation for selling your house was to obtain diagnosis, treatment or cure for a disease or injury to you or a family member, you can apply for an exclusion. Unforeseen circumstances such as death, unemployment, divorce or natural disasters may also reduce your capital gains tax. Consult a tax professional for advice about your unique circumstance.
David Raesz and The Raesz Team Keller Williams Realty Austin, TX 78746 Tel: 512-794-6635 Fax: 512-448-4822 Tel: 800-879-1161 Email: raesz@kw.com
David Raesz and the Raesz Team understands that when it comes to your home sale or purchase, a professional team who will cut to the chase, go the distance and get the job done quickly is the key to your success.
And as one of the leading professional real estate teams in the Austin area, the Raesz Team are the Realtors® more and more people are turning to for help. Whether you are looking to buy or sell your home, or if you need the helpful guidance of central Texas' premier relocation specialists, you can always count on the Raesz Team to get the job done right.
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