Tax plan outlines five changes for individuals – one that could affect the sale of your property!
The house passed the Tax Cut and Jobs Act (TCJA) on November 9th, 2017. If the senate also passes the TCJA, it may go into effect as early as next January.
The TCJA will change several areas of tax law. One important change that may affect your local real estate property is a change to capital gains in real estate sales. Current law allows you to sell and pay no taxable gain if you have lived in your principal residence for two of the last five years. The gains are currently capped at $250,000 for individuals and $500,000 for couples.
The Tax Cut and Jobs Act proposes to change the length of time to five out of the last eight years that a property has to be your primary residence.
That means if you were planning to sell a property and make significant gains but have lived in the property for less than five years – you need to act now!
Today there are only 42 days until January 1, 2018. That may mean you have only 42 days to sell your property!
Contact Nathan Abbott today to discuss this proposed tax change, how it affects your property and to receive a detailed market analysis for your local property – 850-803-7653
For more detailed information about the Tax Cut and Jobs Act, browse the links below:
ResortQuest Real Estate
CEO | Nathan Abbott Team