Claiming the capital gains exemption when you sell your home?

Question: Claiming the capital gains exemption when you sell your home?
I sold a home in 2008 and claimed the house selling exemption for my capitol gains and at that time I was single. I got married last year. Before we got married my spouse sold her home and made a profit on it. We are now filing a joint return. Can we claim the capitol gains exemption since she was single at the time she sold the home?

Best answer:

That’s a really good question! You should look through the IRS publication below on this subject, and there is an example in there that I believe is on point. (Example 1 under “married persons”, about halfway down). Based on this I would say you can definitely use the exlusion (just the $ 250K) and you can do so filing seperately or jointly (not legal advice). Good luck on the return! http://www.irs.gov/newsroom/article/0,,id=106951,00.html

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Someone is in desperate need of a home stager

How not to sell a house.
House Selling

It’s unbelievable that someone would use this as a marketing photo for a house. Surely they could have put their laundry away before snapping the photo. all that’s missing is the photographer in the mirror.

Don’t let this happen to you.

Call Nance & Associates, Realtors Right Now!

(703) 499-9944


Staging Your Home to Sell for Top Dollar

Home Staging Tips for Top Dollar Sale of your Home by Susan Botticelli, Realtor, Broker and Home Staging Expert. Susan specializes in residential sales in the Rancho San Diego area of El Cajon, California. Visit www.RanchoSanDiegoLifestyle.com or call (619)441-8473.
Video Rating: 4 / 5

Stage your living to attract homebuyers. Living Room’s are often the first space that a homebuyer views when walking through the front door. First impressions are crucial when selling your home. Start with a blank canvas and start removing everything from the area. Position furniture in a way that shows off the living room’s potential. Maximize space by removing un-used furniture and decor. Add tasteful accessories and artwork that are neutral in color and design. Wow the buyer with your newly staged living room.


When staging a home, do you leave the staging items in the home when it sells?

Question : When staging a home, do you leave the staging items in the home when it sells?
I’m getting ready to list my home for sale, and I’m thinking about staging it. Before I buy items for the house (like furniture, decorations, plants, candles, etc.), I wanted to know if these items usually stay with the home when it sells or will I be able to take them with me?   I have already de-cluttered everything, taking down all personal pictures, magnets, etc. I have painted everything neutral and cleaned it up inside and out.

Best answer:

Great question!

Only permanent fixtures are standardly expected to be included with the price of the house. Example: hanging lamps, curtain rods (attached to the walls), built-in furniture, etc. Home furnishings would typically be negotiable.

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House Selling Tips To Know When Selling a Vacant House

Tips to sell your vacant house

If the time has come that you need to move from your home and you don’t have buyer’s lining up for your home then chances are it will be vacant until it sells.

#1 Make sure your homeowners insurance covers your vacant home.

This is the most important step and it may take the longest to find out the answer.

Homeowners insurance policies are designed for homes that are occupied by the property’s owner.

Many homeowners policies have exclusions for homes vacant for more than a certain time.

Call your insurance agent and find out.

#2 Talk with your neighbors

Yeah, you may think why now after all this time.

It’s very simple. Your neighbors have a vested interest to keep your home safe from vandals. They don’t want their home being stigmatized by an eye sore at their neighbors house caused by vandals. Tell your neighbors your situation, whether your moving across town or across country and who has access to your home besides you.

#3Vandals aren’t the only problem

Many industrious criminals have turned to the Internet to find their next prey. In recent years, many homes have had their high-end appliances among other things stolen by thieves. It’s important to keep track of who has keys to your property and to make sure all doors and windows are secure.

#4 Dual purpose renovations

Add some motion sensor lights outside to illuminate your vacant home at night. There are many good choices available other than traditional flood lights. Most chain hardware stores carry a wide variety of outdoor lights from wall mounted to ceiling mounted motion sensing light fixtures.  Leave some tables and lamps running on timers behind for a little extra interior light. They will help keep your vacant home looking a little more occupied and help with evening showings of your home. 

#5 Do some gardening

Remove any brush around the doors and windows of your home. Trim back some of the branches and try to make your yard neat, clean and free of hiding spots. it will help your homes curb appeal and keep people from hiding in the bushes.

Final Step

Find an experienced Realtor that can help you identify any marketability issues with your home that can lengthen it marketing time. Depending on your property’s market your Realtor may suggest that  your home be  staged.


Q&A: Need tips for selling a home fast?

Does anyone have any tips for selling a home fast?
My husband’s job is relocating us and our a relocation package that does not cover selling a home.

We need to get our home sold fast in this tough market.

We can’t really afford two house payments.
Any help would be greatly appreciated.

Best answer:

The best first step you can take is to get a good real estate agent (me).

You will need an objective opinion of what your home needs to be more marketable.

The general tips are: Quick fix-ups, De-clutter,  fresh paint, carpet, and landscaping.

To sell quickly, set a reasonable price after consulting an experienced real estate agent.

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Q&A: What Seller expenses can I expect to pay after a home inspection?

Question: What Seller expenses can I expect to pay after a home inspection?
I am currently in the process of selling my home. The buyers will be getting a home inspection done on the property within the next week. What kind of expenses and potentially how much should I expect to pay after the inspection is done? My house is only 10 years old, and has no major issues that I’m aware of. 

Any help would be great, this is the first time I have sold a home. Thank you!

Best answer: Whatever repairs and/or maintenance issues the buyers request be remidiated are negotiable. Meaning that you could decide to take care of it before closing, you could give the buyer a $$ credit at closing or refuse to do anything. 

It depends alot on the buyers. Some have a huge list of meaningless things and some only care that the home is solid. Make sure to get several estimates before making a decision.

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Q&A: capital gains?

Question: capital gains?
when selling business how much capital gains do you pay.

Best answer:

You are taxed on 50% of the capital gain at your marginal tax rate. This will vary depending on the province of residence. If we are talking a significant gain assume 48% marginal tax rate top so you would pay tax at 24% 1/2 of the 48.

The capital gain is proceeds less your cost base. if the business is a corporation and you are selling the shares of the corporation, they may qualify as a QSBC qualified small business corp and entitle you to a capital gains exemption that could shelter up to 750,000 of gain.

See a tax professional on how best to structure the sale to minimize the taxes.

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