Home Buying in North Port>Question Details

Brenda, Both Buyer and Seller in Somerdale, NJ

Do I have to report the sale of my home to the IRS. I bought it in1998 for 82,000. Sold it in Dec 30 2008

Asked by Brenda, Somerdale, NJ Sat Feb 14, 2009

for 175,000. I have proof of all improvements. The only reason I ask is that I can not file till after March 13 due to some new form. Also i am interested in buying in North Port via bank owned although now I am not sure. I hear the most they will condsider dropping is 10% of the list price. I am only working in the range of 89,000.00 with a pool in the .area of 34291 3/2 2cg. in a nice private woods area This is what I would like Thank-you Carrie

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As Lynn mentioned, consulting a tas attorney would be the best avenue to take. They will be able to explain to you how "capital gains" works and how it applies to you.

On the North Port property issue. We just closed on Friday on a property located in North Port. A 2001 constructed home, 3/2/2, approx. 1,400 sf, in move in condition. My buyer purchased the "foreclosure" for $59,500, made a deposit of 10% and financed the remainder at slightly over $300 a month. How can you beat that.

We are currently working with several other buyers in this area on similar opportunities. If you would like to find out directly from the source and see some samples of these kinds of deals, we would be happy to hear from you.

Best regards,
Susan & Bill Eckler

Michael Saunders & Company
billeckler@michaelsaunders.com
941-408-5363
0 votes Thank Flag Link Sat Feb 14, 2009
Confer with CPA who can complete your tax return, yes you need report sale of home. There should be tax advantages deductions of closing costs, and etc.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Feb 14, 2009
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