New Tax Rules For Home Sellers 2016-2017
Tuesday Apr 04th, 2017Share
If you sold your home any time from January 1, 2016 or after, you now have to declare it on your income tax return. If your home was a primary residence, you are still exempt from capital gains taxes. Failing to report the sale could cost you up to $8,000 in penalties. This new rule is meant to reduce tax evasion and to close a loophole exploited by real estate speculators. Without a requirement to disclose the sale of a primary residence, house flippers bought and sold properties tax-free.
If you forgot to file this year, make sure you file an amendment as soon as you can. Check with your accountant for any further information!