The Sunset Group, Inc. Realtors is a full service real estate company. Whether you are buying, selling, investing or need residential property management, we have the expertise and resources to help you. Our Brokers and Property Managers have experience you can count on. They are highly trained and are motivated to help you with all your real estate decisions. We put our clients first! To us, you are a person with unique concerns and goals. Because we are a service-oriented real estate agency, we are able to give you the individualized attention you deserve and expect. We have extensive resources to provide you with up-to-date information that makes selling or buying real estate easier and more convenient to you, including significant investments in the most up-to-date internet resources that are available. We perform with honesty, dedication and integrity. We focus on your goals At The Sunset Group, We Invest in Your Success The Sunset Group, Beaverton OR, Oregon homes, Oregon real estate, Oregon realtors, Oregon Realtor, Oregon MLS, Oregon investment properties, OR homes, OR real estate, OR realtors, OR Realtor, OR MLS, OR investment properties, Oregon Homes for sale, OR homes for sale, Portland Oregon homes, Portland Oregon real estate, Portland Oregon realtors, Portland Oregon Realtor, Portland Oregon MLS, Portland Oregon investment properties, Portland OR homes, Portland OR real estate, Portland OR realtors, Portland OR Realtor, Portland OR MLS, Portland OR investment properties, Portland Oregon Homes for sale, Portland OR homes for sale, Beaverton Oregon homes, Beaverton Oregon real estate, Beaverton Oregon realtors, Beaverton Oregon Realtor, Beaverton Oregon MLS, Beaverton Oregon investment properties, Beaverton OR homes, Beaverton OR real estate, Beaverton OR realtors, Beaverton OR Realtor, Beaverton OR MLS, Beaverton OR investment properties, Beaverton Oregon Homes for sale, Beaverton OR homes for sale, Tigard Oregon homes, Tigard Oregon real estate, Tigard Oregon realtors, Tigard Oregon Realtor, Tigard Oregon MLS, Tigard Oregon investment properties, Tigard OR homes, Tigard OR real estate, Tigard OR realtors, Tigard OR Realtor, Tigard OR MLS, Tigard OR investment properties, Homes for sale, Tigard Oregon Homes for sale, Tigard OR homes for sale, real estate blog, Portland Oregon real estate blog, Beaverton Oregon real estate blog, Tigard Oregon real estate blog, Oregon real estate blog, Oregon real estate news, real estate news, current real estate news, relocation, Oregon Relocation, Portland Oregon Relocation, Portland OR Relocation, Beaverton Oregon Relocation, Beaverton OR Relocation, Tigard Oregon Relocation, Tigard OR Relocation
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10 IRS Tax Tips for Home Sellers

From time to time the IRS releases tips designed to help people with their taxes. Some of these are quite useful.  Last week the agency released "Ten Tax Tips for Individuals Selling Their Home," (IRS Summertime Tax Tip 2011-15).  These tips can be found on the IRS website at http://www.irs.gov/newsroom/content/0,,id=104608,00.html.

Here are the IRS's top 10 tax tips for home sellers:

1. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.?

2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).?

3. You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.?

4. If you can exclude all of the gain, you do not need to report the sale on your tax return.?

5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.?

6. You cannot deduct a loss from the sale of your main home.?

7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude.?

8. If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.?

9. If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year's tax return.?

10. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.

These tips can be found on the IRS website at http://www.irs.gov/newsroom/content/0,,id=104608,00.html.
Posted By - Ernie Coufal - 08/22/2011
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Phone (503) 579-3000 | Fax (503) 579-2825 

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