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October 2021

How to Sell a Condo

How to Sell a Condo

Leave a Comment / Cash Home Buyers, Tips /

Condos are frequently managed by a board or homeowners’ association (HOA), so check with the group that oversees your condo for any special rules that apply to selling your unit before putting it for sale. Your HOA’s bylaws may limit who you can sell your unit to, or they may require that potential purchasers be interviewed and approved by the board. The simplicity with which you can sell your condo is determined by market conditions, just like selling a single family house. Before advertising your condo, do some research on comparable condominiums that have recently sold to see how long they were on the market, what price range they sold in, and what upgrades you should make. You should speak with a real estate agent about how to market your condo and how to price it competitively so that it attracts more purchasers. There are certain things you can do to make your condo more desirable to potential buyers in a tight market. If you have the potential to do so, lowering the price is one strategy to attract more purchasers, but consult with your agent first. Another approach to draw attention to your apartment is to design it with just enough furnishings and decorations to make it feel more comfortable. To make your condo more appealing to purchasers, you can provide buyer incentives such as paying a portion of the closing fees. Your agent can help you figure out the best way to sell your home.   How to Sell Your Condo Fast Marketing is important, but so is the cost. A real estate agent can assist you in determining a competitive price that will attract potential buyers while yet allowing you to make a profit. Keep in mind that your HOA may have restrictions on this, so check the rules first. You should also discuss holding an open house and setting an offer review deadline with your real estate agent. An open house is a terrific method for people to come see your house without having to make an appointment, and it can result in offers the same day. An offer review deadline is a date and time by which all offers must be filed; it gives those who might be interested in your condo a sense of urgency.   How CashBuyersNy Can Help For over a decade, our company has been purchasing homes in the New York market. So you can trust us if you want to sell a Condo fast in New York City (NYC). CashBuyersNY specializes in assisting New York residents with simple property buying procedures on their own schedule. CashBuyersNY can buy your house quickly and make you a full cash offer within 24 hours, or we can buy it when it’s convenient for you. You’ll love dealing with us because we’re investors and issue solvers who can buy houses and fix problems at the same time. You can contact us now or also can get an offer if you are ready to sell the house fast in NY for cash.

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How to File Mechanic Liens in New York

How to File Mechanic Liens in New York

Leave a Comment / Cash Home Buyers, Tax /

A mechanic’s lien is a legal claim made against a house or property. Subcontractors and suppliers frequently file mechanic’s liens when they haven’t been paid for modifications they’ve done to a property. They’re a means to get paid for work done on a home, such as upgrading or improving it. Even if you weren’t the one who missed a payment, you could be subject to a mechanic’s lien. For example, if your bathroom was redone and the general contractor failed to pay the material supplier who supplied the bathtub, the material supplier can file a lien against your home to reclaim the money. When subcontractors, laborers, or suppliers are not paid, you, as the homeowner, will be accountable for these payments. In this article, we will discuss how to File Mechanic Liens?   How to File Mechanic Liens in New York In New York State, mechanic liens can be issued against an individual or a corporation for failure to pay for construction and materials charges. This lien offers a lien claimant rights to a piece of real estate in exchange for payments. This claim is for wages, materials, or funds owed in a house or building improvement project that was not paid. A property owner is generally prohibited from selling or disposing of real estate if a mechanic lien has been issued against it. A lien release must be issued by the court in order to rid a property of a mechanic lien. To file a mechanic lien in New York, follow these procedures. Step-1 Examine the prerequisites for obtaining a Mechanic Lien in New York. Mechanic liens can be filed by contractors, subcontractors, laborers, landscapers, material providers, and gardening service organizations or individuals. Nonpayment of work or services completed on a real estate improvement project is required to establish a lien. In New York, each county may have its own set of filing requirements. Step-2 Keep track of the job you’ve done and how much it costs. List the amounts paid to subcontractors, employees, and material costs. Calculate the percentage of work completed if it hasn’t been completed yet. Have the property owner or agent sign copies of the contract. Step-3 Before filing a mechanic lien, try to negotiate with the property owner/agent and collect payment. Filing a lien in court might take time and cost you money in attorney’s fees. You may be able to prevent delays and litigation fees by negotiating payment terms and schedules with the owner. Step-4 Fill out a mechanic lien form and submit it to the County Clerk’s Office. Mechanic liens are filed in the county where the property is located in New York State. To file a lien, go to the County Clerk’s Office’s website or go in person. To file with New York State, use a Notice of Lien form. Step-5 Fill out the legal form for a Notice of Lien. This form is available through the County Clerk’s Office and numerous legal services online. The form necessitates thorough documentation of the job done and the expenses incurred. In New York, the Notice of Lien Form must be notarized. This form can be submitted throughout the construction process or within eight months after the contract’s conclusion. Step-6 Send a copy of the Notice of Lien to the owner/agent of the property. The person or business who is the subject of the lien has the right to formal evidence of all labor and material expenditures. Use postal certifying services to ensure that the notice is delivered correctly.

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Closing Costs For Sellers

Closing Costs For Sellers in New York

Leave a Comment / New York, Tax /

Are you considering selling your home in New York? Traditional home sales come with a number of costs, some of which you may not have considered. Whether you choose to deal with a professional real estate agent or go it alone, you’ll likely incur all of these Closing Costs For Sellers. Are you looking to sell a house in NY? Worry about the Closing Costs For Sellers? You have landed on the right blog, check all details here: Once you put your house on the market for sale, an interested buyer made an offer on it, that you accepted. It is now time to prepare for the closing or the transferring of the property by you to the buyer. And in this process, you should have knowledge of Closing Costs For Sellers in NYC. The costs listed below are an estimate for New York. Please use this as a very rough introduction guide only, not as a substitute for obtaining exact figures from the various parties involved. 1- Transfer Tax The transfer of a property from one party to another is subject to transfer tax. The amount of transfer tax varies greatly depending on the state and location where the transaction takes place. In New York, all property sales above $500 are subject to a transfer tax. When selling a residence, the transfer tax is $2 for every $500 in value or $4 for every $1,000 in value. This charge is the seller’s responsibility. The transfer tax fee is calculated by multiplying the purchase price by.004. This adds up to $6,000 on a $1.5 million purchasing price. Although the seller is responsible for the ordinary transfer tax in New York, the buyer is responsible for the additional one percent tax on sales of more than $1 million. 2- Satisfaction of Mortgage Fee Your lender will generate a satisfaction of mortgage paperwork to verify and confirm that you have paid off your mortgage in full. The satisfaction of the mortgage is required for the title to clear when selling your house. The government receives the settlement of mortgage fee so that it can compile and record the necessary elements and the document can become part of the public record. The general fee for mortgage satisfaction in Westchester County is $50.50. Each extra document page after the first is $5 at the county clerk’s office. In addition to paying the county clerk, a seller may be required to pay a fee to the title firm to have any liens removed from the property. In addition to any costs, completing the mortgage entails paying the lender any leftover principal and interest on the loan. If you sell your home for $2 million but still owe $1 million on your mortgage (including interest), you’ll need to send $1 million of the proceeds to your lender. 3- Broker Commission Broker commissions are due at closing and are normally deducted from the sale proceeds. Although the actual amount varies, the average is 6% of the buying price of a home. However, the commission price is flexible, and certain brokers may expect more or less than the standard 6%. When both a buyer and a seller’s agent are involved, the fee is normally split. Before choosing to engage with a broker to sell your house, you should be aware of the percentage charged by the broker. That way, you won’t be surprised or disappointed when it’s time to close. While the seller is normally responsible for the commission, there may be times when a bidder is ready to contribute to the cost of the broker’s fee or pay it in full to increase the competitiveness of their bid. If there are a lot of individuals interested in your home, don’t be surprised if you get an offer with the buyer paying the commission at closing. Because the agent’s fee is frequently one of the higher closing costs, it may be worthwhile to explore bids that include it. 4- Attorney’s Fee In some states, buyers and sellers are not required to engage an attorney to assist them with the closing process. However, it is customary in New York to have legal representation. In New York, the attorney is in charge of creating the selling contract as well as checking the mortgage title. The attorney will also prepare the closing documents and provide you with a good-faith estimate of how much you’ll owe. The cost of hiring an attorney varies depending on who you hire. Some charge a flat fee, while others charge based on the quantity of work completed. The cost of the home has an impact on the amount charged in both circumstances. Your agent can provide you with a list of experienced attorneys who handle real estate closings on a regular basis. You should budget between $1500 and $3000 for this project. 5- Adjustments Any taxes that the seller has paid in advance of the closing date will be reimbursed to the seller by the buyer. If taxes aren’t paid in advance, the seller will cover them up until the closing. The seller will also be reimbursed for any service contracts that the buyer assumes you have paid in advance. 6- Equalization Fee In New York, towns use diverse techniques to assess property values, which can lead to inequity in taxation for school districts and other public services. Equalization tries to evaluate residences across the state at full market value in order to collect the correct amount of tax. At closing, the state additionally receives a fixed equalization fee from sellers. 7- New York City Transfer Tax You should expect to pay a city transfer tax in addition to the state transfer tax if you sell property in New York City. The tax amount varies depending on the type of property and its value. Residential properties that sell for less than $500,000 are subject to a 1% tax rate, while those that sell for more than $500,000 are subject to a 1.425 percent tax rate.

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What is Lien

What is Lien? What are Types of Liens? How to Remove a Lien?

Leave a Comment / Cash Home Buyers /

If you have a mortgage, your house is most likely affected by a lien. If you default on your payments, this claim gives the bank that backed your loan legal ownership of your home. However, owning this type of lien isn’t always a terrible thing. That’s because it’s an inevitable part of the home-buying process—and many people have one. Home liens aren’t all the same, though. In fact, some of them can harm your credit score and have a negative impact on your future finances. So, which liens are the most hazardous to your health? What are the different types of liens, and how do you get them removed?   What is Lien? A lien is a creditor’s legal right or claim against a property. Creditors, such as banks and credit unions, commonly place liens on property, such as homes and cars, in order to recover money owed to them.  Liens can also be erased, giving the property owner a complete and clear title. Liens restrict what an asset’s owner can do with it since creditors are given a stake in the property in exchange for money owing to them. If a homeowner tries to sell a home before a lien is released, it might cause problems, especially if the lien was imposed inadvertently. Liens provide creditors with some legal rights, particularly when a debtor hasn’t paid or refuses to pay their loan. In these circumstances, the creditor may choose to sell the property.   What are Types of Liens Liens come in a variety of types, including specific and generic liens. specific liens are kind of lien that are tied to a specific asset. For example, the auto dealer where you bought your car may only hold a lien on your vehicle. A home lien is a creditor’s legal claim on tangible property (a house). A general lien, on the other hand, permits the creditor to seize any and all of your assets, including your home, car, furniture, bank accounts, and so on. Liens can be voluntary or involuntary in nature. When a bank lends a mortgage to a borrower, the bank creates a voluntary lien. If a borrower fails on a loan or other financial commitment, a creditor may seek legal retribution by registering a lien with a county or state agency. A contractor, a government agency, or another type of creditor can file a lien. Below are the types of liens: 1- General judgment lien A creditor receives this form of lien once a court has ruled in their favor. When a debtor fails to satisfy their financial commitments, the creditor may file a lawsuit in court to collect any outstanding debt.  If the creditor prevails in court, the lien must be recorded with the county or other relevant recording body. If the debtor does not come to an agreement to pay the obligation, the filer has the authority to seize possession of real or personal property. A business, personal property, real estate, automobiles, or any other sort of item that satisfies the court ruling is considered property.   2- Mechanic’s lien Construction companies, builders, and contractors may file a mechanic’s lien, also known as a property or construction lien when a property owner fails or refuses to pay for completed work or supplies. This legal document permits businesses to be paid for payment troubles that may arise as a result of a contract breach. Most contractors and other companies send a request for payment and a notice of intent to the debtor before filing a lien. If the debtor still refuses to pay, they may proceed. This entails submitting documentation to the county or other appropriate local agency with information about the property, the service performed, and the amount payable. If the debtor still refuses to pay, the lienholder may choose to enforce the lien.   3- Tax lien A government entity puts a lien on your property for any unpaid income taxes, business taxes, or property taxes. If you have delinquent federal taxes, the Internal Revenue Service (IRS) may place a lien on your residence. First, the agency informs you of your responsibilities in writing. The IRS may file a lien against your home or other assets if you don’t reply or make appropriate plans to settle the amount.. The only method to get rid of a lien like this is to pay off the obligation.   How to Remove a Lien? A lien can be removed from a residence in a number of ways. The first step is to reach an agreement with the lienholder. The settlement process is determined by the type of lien, the debtor’s connection with the lienholder, and the lien’s value. If both parties can agree on a payment plan, a lienholder may agree to dismiss the lien. It’s important to remember that a lien is attached to the property, not the owner. As a result, when a property owner sells the asset to which the lien is attached, they might be free of the lien. There are certain drawbacks to this strategy. Although the homeowner obtains funds from the sale, they must first pay the lienholder what is owing to them. A homeowner may also find it difficult to sell a property that is encumbered by a lien. A property on which someone else has a claim may deter potential buyers. The simplest way to get rid of a lien on your property is to pay off the bill. You can file a Release of Lien form once you’ve paid it off, which serves as proof that the debt has been satisfied.

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How to Sell Your Own House

How to Sell Your Own House

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Are you looking for a way to sell your home without using a real estate agent? Some homeowners use the “for sale by owner” (FSBO) method to avoid paying real estate agent commissions. While this method may save money, keep in mind that it is far from simple. There’s no disputing that selling your house on your own is difficult. But thousands of people do it every month and they sell their houses without the help of any agent. And once you understand how to do it, it’s actually quite simple. You essentially require a strategy, which we provide here. It entails much more than simply putting a “for sale” sign on your property. Check out our step-by-step method to evaluate if selling your own property is right for you before making any decisions.   1. Analyze the present market situation. Getting a pulse on your local real estate market is the first step in learning how to sell your house without a realtor. You should figure out whether you’re in a buyer’s or seller’s market; knowing this will help you price your house correctly and decide when the best time is to put it on the market. A buyer’s market is one in which there are more houses for sale than active buyers looking to buy them. Due to the enormous number of available properties, if you’re trying to sell your house in a buyer’s market, your home may stay on the market for longer before finding a buyer. When there are more buyers looking to buy homes than there are available properties on the market, the market becomes a seller’s market. This frequently results in numerous purchasers competing for a single property, leading to bidding wars. In a seller’s market, you have a better chance of getting a greater sale price than your listing price, or at least more than your bottom line.   2- Decide Your Price Setting the proper price for your home is one of the most critical aspects in learning how to sell a house by owner. To begin, you can utilize a home value estimator to determine the value of your property. To get a better idea of where you should price your property, look at recent sales of comparable properties in your region. Look for properties with similar square footage, number of bedrooms and bathrooms, and size that have recently sold. Start with a lower asking price if you’re unsure. Overpricing your property by $10,000 can cause it to languish on the market for months, forcing you to sell for less than you would have if you had priced it correctly in the first place.   3- Prepare your house for selling Take a walk around your house and make a list of anything that may be improved or upgraded. To help raise buyer interest, make simple improvements like repainting walls in neutral colors and replacing appliances. You can employ a home staging business for your complete home or just a few rooms after you’ve done home upgrades. If you don’t want to prepare, you’ll need to clean and organize. Personal objects, such as family photos, should be removed so that potential buyers can envision themselves living in your house. Rent a storage facility if necessary to temporarily store all except the most important pieces of furniture and decor.   4- Take attractive Photos Investing in high-quality selling images is one of the most significant measures you can take while figuring out how to sell your own house. The majority of home buyers start their search for a home online, and the first thing they view are images. Engage the services of a professional photographer to ensure that your home makes a good first impression.   5- List your home online Advertising is crucial when selling your own home. To market your home online, look for a few for sale by owner (FSBO) websites. These kinds of websites usually charge a set fee plus the cost of further services. You should also consider putting your home on the Multiple Listing Service (MLS). The MLS is the most comprehensive and up-to-date database of properties for sale in your area. Unfortunately, only licensed real estate agents are allowed to post listings, which is one of the most significant roadblocks for FSBOs. However, there are firms that will list your property on the MLS for a few hundred dollars through a “Flat Fee” listing. Find similar services in your area by searching online for “Flat Fee” MLS.   6- Be available Prepare to respond to queries and display your house to potential purchasers at any time. You should also be aware of your home’s selling features, as you will be the one marketing it to potential buyers. You know your house better than anyone, therefore you know what its best aspects are. They’re most likely the same people that sold you the house in the first place. 7- Hire an attorney Real estate agents handle all of the contracts, paperwork, and fine print associated with a house sale. You should hire a real estate attorney to handle the intricacies of your house sale if you don’t have the help of an agent. Your lawyer will draft a buy and sale agreement, assist with contract negotiations, and examine relevant documentation and loan agreements.   8- Wait for the Right offer You’ll have to put in more effort to find the ideal buyer if you sell your house without the help of an agent. An offer will often come through in 30–45 days if your home is fairly priced. Meanwhile, if you receive many competitive offers or an offer below your list price, brush up on your negotiating skills.   9- Close the deal Ask your attorney to go over your buy and sale agreement with a fine-tooth comb to protect yourself from costly consequences. Then, to handle the closing, employ a title company or an escrow officer. If any liens are discovered in your title

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How Do Pre-Foreclosure Work

How Do Pre-Foreclosure Work

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Whether you’ve received a pre-foreclosure notice from your lender or come across a pre-foreclosure home for sale, you may be wondering, What is pre-foreclosure, how do pre-foreclosures work and how does it affect you as a homeowner or a homebuyer?   What does “pre-foreclosure” mean? Pre-foreclosure refers to a property that is in the early stages of a foreclosure action, which is the legal process that a lender might use if a homeowner is behind on their mortgage payments. The borrower is 60 to 90 days overdue on their mortgage payments and has received a default letter, or “lis pendens,” from their lender if a home is categorized as pre-foreclosure. Before the property is legally foreclosed on and sold at a public auction or sheriff’s sale or is repossessed by the bank, the debt and property are currently in some stage of the foreclosure process.   Are you looking to sell a house fast in New York to Avoid Foreclosure for cash? Get in touch with us or get an instant offer now!   How long can pre-foreclosure last? Because the foreclosure process and duration differ by state, So “how long pre-foreclosure lasts”  is determined by where the rental properties are located. Because the foreclosure must go via the court or judicial system and be heard before a judge, the foreclosure procedure in a judicial state might take anywhere from a few months to many years to complete. Nonjudicial foreclosure states are usually significantly speedier, and the procedure can take from a few weeks to many months before a property is foreclosed. If a homeowner wants to avoid foreclosure, they can ask their lender for a reinstatement amount, which will cover any past-due mortgage payments as well as any fees or penalties, and will be valid for 30 days. If paid within that time frame, the mortgage will be brought current, the foreclosure will be halted, and the borrower will be required to continue making regular mortgage payments. Another option is to ask the lender for loss mitigation, which is a non-foreclosure alternative such as a forbearance plan or a loan modification. While it’s nearly always a good idea to ask, the lender or servicer isn’t obligated to offer or approve loss mitigation, so it may not be a feasible alternative to avoid foreclosure. When a home or property is in the pre-foreclosure process, it’s not uncommon to see it for sale. A short sale is one in which the homeowner owes more on the property than it is worth. If there is equity in the home, the property owner can list it for sale with a real estate agent or sell it to a real estate investor to extract any value and pay off the mortgage sum before the home is foreclosed.   You can contact us now or also can get an offer if you are ready to sell the house fast in NY for cash.   How Can a Lender Put You in Pre-Foreclosure When buying a home, you nearly always have the option of paying cash or taking out a mortgage loan. You sign a contract with the bank or lender agreeing to pay back the loan in monthly installments that include both the principal and interest. You are in default on the debt if you miss three payments in a row. The bank will then notify you of their intention to reclaim ownership of the home based on the conditions of the loan, and you will be in pre-foreclosure. The pre-foreclosure procedure might span anywhere from three to ten months, and it will entail numerous conversations between the owner and the lender about possible remedies. A lender will typically look for ways to avoid foreclosure because they’d rather have some money than none, and re-selling a foreclosed house is a costly and time-consuming process. If no agreement is reached and the owner fails to make payments, the residence will be auctioned or sold through a trustee.   Are you looking to sell a house fast in New York for cash? Get in touch with us or get an instant offer now!   How Can You Get Out of Pre-Foreclosure? The most obvious strategy to keep your New York home out of foreclosure is to pay down the loan’s outstanding sum. You are free to pay the amount if you have the funds available. Of course, if you had it, you wouldn’t be in this scenario in the first place. A loan modification is another option for getting out of pre-foreclosure. If you’re having trouble keeping up with your mortgage payments, loan modifications are a popular strategy to save your house. It entails calling the lender and requesting that the loan be extended for a longer period of time. This will reduce monthly payments, making it simpler to catch up and maintain a consistent payment schedule. As a demonstration of good faith, lenders may frequently cut your interest rate or even take your missing payments onto the back of the loan, allowing you to start over with a clean slate. Remember that banks prefer to use this method whenever possible. They despise dealing with the hassles of evicting tenants, foreclosing on properties, and selling them. Of course, they’ll do it if they have to, but they, like you, are seeking a simple solution. The pre-foreclosure process finishes once a loan modification is agreed upon, and you can resume your regular payment plan. A deed in lieu of foreclosure is another option for getting out of pre-foreclosure. This means that a homeowner who is overdue on their mortgage will surrender the deed to the lender and walk away from the property. This, in a sense, settles the obligation. Of course, a lender must agree to these terms, and whether or not they do so is contingent on a number of circumstances, including the state of the housing market and the property’s condition. The pre-foreclosure procedure will come to a conclusion if a lender agrees to a

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Taxes on Selling a House in New York

Taxes on Selling a House in New York

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Many people in New York focus on the sale price and the commissions of real estate agents when selling a home. However, they might not consider the taxes that come with a real estate purchase in New York State. When selling your house, there are numerous tax ramifications to consider. Let’s take a closer look at the taxes on selling a house and learn more about how taxes affect the sale of a home in New York. Selling a house in New York is a difficult procedure, almost as difficult as buying it, especially when it comes to taxes and exemptions. Do you want to sell a house in New York for Cash but don’t know about the taxes on selling a house in NYC? You landed on the right article, here we will get to know about various taxes associated with selling houses.   Are you looking to sell a house fast in New York for cash? Get in touch with us or get an instant offer now!   What are Capital Gains Taxes in New York? When buying or selling a home in New York, the most essential tax consideration is capital gains. The profits you make as a result of a real estate or property purchase are referred to as capital gains. It can be thought of as the difference between the selling and buying prices. The amount of capital gains tax due on your sale is determined by a variety of factors. They include everything from the property’s condition to the buyer’s status as a legal resident of the United States. Each person changes the proportion in their own way. There are also several deductions available, such as fees paid for the loan application’s origination, closing costs, and points paid back on a loan to achieve a cheaper mortgage rate. For U.S. residents, living in the state of New York, capital gains taxes are generally approximately 15%. If the house is located in New York City, you must factor in an additional 10% in NYC taxes. It’s possible, however, that you’ll be eligible for an exemption. Capital gains are limited to $250,000 for an individual and $500,000 for a married couple if the house was the seller’s primary residence for at least two years within the previous five years. It’s also beneficial to understand how to declare capital gains taxes. Schedule D of your IRS form is where you’ll discover them. It’s worth noting that if the property has been owned for less than a year, the owner must record the gain as a short-term capital gain. It qualifies as a long-term capital gain if it was owned for more than a year. One of the most important conclusions from all of this is that the owner should stay in the house for at least two years before selling it. You’ll have more time to reinvest the capital gain from the house sale if you do this.   You can contact us now or also can get an offer if you are ready to sell the house fast in NY for cash.   Non-Resident tax concerns in New York It’s worth noting that if a non-U.S. resident is involved in the sale of a New York home, the tax rules are a little different. If a non-resident owns a property for more than a year, they must pay federal and state taxes on 30% of the sale price. This is because of the Foreign Investment in Real Property Tax Act, which deducts these taxes from the selling proceeds to ensure that any non-resident paying taxes on a real estate transaction does so. The state of New York withholds 6.85%, while the Internal Revenue Service withholds 10%. The buyer or seller must file a Statement of Withholding on Disposition of United States Real Property Interests form with the IRS when the real estate is sold. A Limited Liability Company, or LLC, could be formed to avoid paying these types of taxes. The entity buying or selling real estate in New York would no longer be a person if this were done.   Tax Exemptions For New York Home Buyers & Sellers When purchasing or selling a house in New York, you’ll want to be aware of the several tax exemptions available. First, if you have owned a home as your primary residence for at least two years and are forced to sell it due to unavoidable circumstances that compel migration, you may be eligible for a tax exemption (e.g., a promotion, health problems, etc.). If the cause is health-related, make sure you have a note from a physician that outlines the problem in detail, just in case there is a subsequent audit. For “unforeseen circumstances,” you may be eligible for a real estate tax exemption. What exactly does that indicate? “The occurrence of an incident that you could not reasonably have anticipated before buying and inhabiting your main home,” according to the IRS. Natural disasters, divorce, mortality, multiple births from a single pregnancy, terrorism, or a change in work position are just a few instances. There are quite a few options to pick from. To acquire a better understanding of what counts as “unforeseen circumstances,” study IRS Publication 523. Returning to capital gains, there is a loophole in the tax code that allows those enlisting in the Army, Navy, or National Guard to get the exemption without having lived in the residence for at least two years. Additionally, instead of five years, you must have utilized it as your primary residence during the last ten years, taking into consideration the fact that certain military members are on active service. Buying a “like-kind” house or property is another way to get a capital gains exemption. This indicates a residence that is equivalent to or more in value than the one you just sold. There are frequent requirements that you purchase your new property within 180 days of selling your previous one. If you apply for this exemption,

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