Tuesday, December 9, 2014

IF YOU DON’T QUALIFY FOR THE HOME SALE EXCLUSION (ADVANCE TAX RELIEF LLC www.advancetaxrelief.com (800)790-8574)

If you don’t qualify for the home sale exclusion at all, you’ll have to pay tax on all the gain from the sale of your home. If you owned the home for at least one year, you’ll at least qualify for the long term capital gains rate, which is currently 15% for most taxpayers.

If you owned the property for less than one year, you’ll have to pay tax at the short-term capital gains rate, which is the same rate as for ordinary income-up to 35%, depending on your tax brackets. Ouch.

If selling means a huge tax bill, you may want to think about a possible alternative. For example, you could convert the home into a rental property and either hold onto it or exchange it for another rental property.




DO YOU HAVE TAX PROBLEMS OR NEED HELP PREPARING CURRENT AND PAST DUE TAX RETURNS? GET HELP!

Call us for your free tax relief consultation (800)790-8574
or contact us via web: www.advancetaxrelief.net

"My husband lost his job and the IRS was garnishing my wages. I called advance tax relief for help, my wage garnishment was released and we settled with the IRS for $1,200 on a $48k debt. Our family is very grateful" - Shirley W, Tampa FL.

ADVANCE TAX RELIEF LLC - We Solve Tax Problems.
www.advancetaxrelief.net
(800)790-8574
Twitter: @IRSTAXPRO

BBB Accredited Business