How does selling your home for a profit affect the income you report and your property tax liability?
Kalamazoo MI – Any gain (profit) on the sale of your home can be subject to the capital gains tax. Your gain (or loss) is determined by subtracting your cost basis from your selling price, less selling expenses. A loss is not deductible on your return.
Call the Veenstra Team at 269-350-5514 and we will take you step by step through the process of selling your home. We love working with senior citizens and are happy to explain all the details to you and/or your children.