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Home Selling in North Dakota : Real Estate Advice

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Activity 12
Fri Mar 22, 2013
Edith Karoline Jasser answered:
Read this and if you want to continue the article I will place the link below: But I think this part will answer in detail your above question....Should be kind of good news is it?
Capital gains home-sale tax break a boon for owners
By Kay Bell • Bankrate.com

What's the best tax break available to Jane and John Q. Public? If they're homeowners, it's selling their house.

Homeowners already know the many tax breaks that Uncle Sam offers, most notably mortgage interest and property tax deductions. Well, he also has good tax news for home sellers: Most of them won't owe the Internal Revenue Service a single dime.

When you sell your primary residence, you can make up to $250,000 in profit if you're a single owner, twice that if you're married, and not owe any capital gains taxes.

"Most people are not going to have a tax obligation unless their gain is huge," says Bob Trinz, a senior tax analyst at RIA, which provides tax information and software to tax professionals.

Some sellers are surprised by this break, especially if they've been in their homes for a while. That's because before May 7, 1997, the only way you could avoid paying taxes on your home-sale profit was to use the money to buy another, more-expensive house within two years. Sellers age 55 or older had one other option. They could take a once-in-a-lifetime tax exemption of up to $125,000 in profits. And in all instances, there was tax paperwork (Form 2119) to fill out to show that you followed the rules.

But when the Taxpayer Relief Act of 1997 became law, the home-sale tax burden eased for millions of residential taxpayers. The rollover or once-in-a-lifetime options were replaced with the current per-sale exclusion amounts.

"There is some logic to this law change because most people under the prior rules didn't recognize a taxable gain because they rolled it over into another residence," says Trinz. "The change essentially makes it easier to dispose of your residence."

Still some requirements to meet
If you used pre-1997 rules for residential sales, don't worry. That doesn't disqualify you from claiming the exclusion on any residential sales now. The law change applies to all sales since it took effect.

Another bonus of the new rules: You don't have to buy another home with your sale proceeds. You can use the money to travel to Europe in style, buy an RV and drive across the country or get all those designer shoes you never could afford before.

Even better, there's no limit on the number of times you can use the home-sale exemption. In most cases, you can make tax-free profits of $250,000 (or $500,000 depending on your filing status) every time you sell a home.

Ah, but we are talking taxes here. You did notice that phrase "in most cases," didn't you? There's always a catch. Before you put a "For Sale" sign in the yard, you need to make sure your house-sale situation is one of those "most cases."

First, the property you're selling must be your principal residence. That means you live in it. This tax break doesn't apply to a house or other property that you have solely for investment purposes. In those cases, the usual capital gains rules apply.

Read more: http://www.bankrate.com/finance/real-estate/capital-gains-home-sale-tax-break-a-boon-for-owners-1.aspx#ixzz2OIqk8en8

Good Luck to you

Sincerely yours,
Edith YourRealtor4Life & Chicago, North Shore & Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and
Investors alike....And always with a SMILE :)

Covering for @Properties Chicago & suburbs, and with her trusted Partner
Agents US & world wide properties. French, German, some Spanish &more EdithSellsHomes@atproperties.com or EdithSellsHomes@gmail.com
Check out my website at http://tinyurl.com/YourRealtor4Life
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HAVE THE MOST WONDERFUL DAY :)
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Fri Jun 29, 2012
Tim Moore answered:
Sadly for you, yes you will. If it closes then you will owe the commission assuming you are the seller. Is there some reason you think the Realtors held it up and made it go past the closing date? Those dates are targets you aim for but rarely set in stone. You said contracts, was there more than one contract? ... more
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Mon Apr 23, 2012
Ron Thomas answered:
Your Realtor does not dictate thsi to you.
Neither does his Broker.
The only dictating might be done by the OFFER itself, which might include a very quick response time: The Buyer have the right to demand a 24 hour answer. You are free to ignore it, at your jeopardy; but they can demand it.

That said,
If I had an offer in my hand, I would look at it; irrespective of 12 offers coming tomorrow.
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Wed Nov 16, 2011
Melissa Evenson answered:
I would recommend asking your agent for an updated market analysis to see what has been selling in the past 3 months. The market can often change quickly and it's important to stay current and adjust to current market situations rather than hoping you may get what a neighbor sold for a year or 2 ago. Thoroughly review the condition and prices of other properties currently on the market (your competition) as well as those that have sold. I would also consider some staging, changing the public remarks and updating photos to freshen up the look of your listing! Good luck! ... more
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Wed Nov 23, 2011
Boris Russanov answered:
Your experienced local Real Estate Agent can provide this information for you.
0 votes 2 answers Share Flag
Mon Sep 12, 2011
Laura Feghali answered:
Hello Brian,
Check out this link for past and current housing data in Williston, ND:

http://www.city-data.com/city/Williston-North-Dakota.html

You may also wish to click on the "Local Info" tab at the top of this screen for additional information.

Even though the climate can be quite cold there during the winter months; I understand that North Dakota is doing very well economically due to the oil drilling on the western side of the state.

Hope this is helpful.

Laura Feghali
Prudential Connecticut Realty
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Thu Aug 25, 2011
Jack Gillis answered:
If you are second on the list then you need to compare yourself to first and see what they offer that you do not. It could be they have updated their house, i.e., paint, new carpet, new window treatments. Sometimes a homeowner must spend a little money to market their .

Jack Gillis, M.B.A., J.D. │ Realtor®
Jack Gillis Realty Advisors
United Real Estate, Broker
5430 LBJ Freeway | Suite 280
Dallas, TX 75240
Cell: 214.718.4910
Email: Jack@JackGillisRealty.com
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Wed Jun 22, 2011
Simplelife asked:
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Sat Jan 9, 2010
Richard Lecinski answered:
Go to www.activerain.com and you can search there for an agent. If you need help you can always email me and I can interview them for you.
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Fri Sep 25, 2009
Voices Member answered:
Do you know if that's a recent stated policy Rockinblu, something new or has this always been stated this way on the Postlets site?
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Thu Mar 19, 2009
Kimberly Kirkman answered:
I would suggest you call a Realtor. A Realtor will be able to pull up the Sold Properties for you in any Community.
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Wed Feb 27, 2008
Lynn asked:
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