There are many financial ramifications that are involved when selling a home. How much will it cost to carry it? Will you be taxed on the sale or the gain from the sale? Long term capital gains tax can come into play on assets owned for more than a year. There is a difference in how a principal residence and an investment property will be treated. Tune into episode #142 of Tom’s Take to learn how capital gains could impact your real estate sale and additional taxes owed.
DISCLAIMER: Before watching this, make sure you talk to an accountant.