Hopeful buyers have struggled on and on with real estate price surges. Those who have managed to break into this market have watched their home values surge, too.
When these homeowners decide to sell, the profits they accumulated in their homes are known to the Internal Revenue Service (IRS) as capital gains.
People who sold their homes in 2023 have received Form 1099-S from their brokers. They’re ready to file it, to declare proceeds from the sale of a home. Most of these sellers will be glad to know they’ll get to keep their gains.
Here, we take a look at what home sellers should know — even if their profits won’t be taxed.
Continue reading “Reporting a Home Sale? What to Know About Capital Gains Tax (Even If You’re Exempt)”