You sell your property for a lot of money. But as the saying goes, it’s not what you MAKE but what you KEEP that counts!
Wouldn’t you like to know upfront how to net the most out of your sale?
Get an Estimated Seller of Proceeds aka a NET Sheet. What are the costs of selling? I will work with the Escrow officer to get you this important information for multiple price points.
It’s important to put together a list with all money you’ve spent on capital improvements during the entire time you’ve owned the home, even if it’s been for thirty years. Yes, it’s a lot of work but it’s super important in establishing your basis for capital gains.
Then what? Talk to your CPA.
Based on your estimated net proceeds, perhaps there might be a situation where you could offset some or even all of your capital gains? Expecting a loss from a business or other investment that will flow through to your personal return? Appropriate timing of a sale could allow you to write off some of your gains, making a big difference in what you keep.
Timing is everything in life!
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