If you are considering a sale of your primary residence, you also should consider the tax implications of your sale. Have you lived in your home for 2 of the past 5 years? Is it your principal residence. Will you have a net gain or loss? These are questions that you should consider before you sell your property since the answers will have an impact on your tax obligation for the sale year. Realty Times has an article on this subject and it should be read by every home seller. After reading, you will understand why this is such an important consideration. CLICK HERE to read the article.
Of course, you will want to discuss this with a professional tax accountant who can give you the latest information and the best guideance. If you have real estate questions, you should also contact the professionals. Lake Barkley Realty is always happy to assist.