Sell Archives

Q. I have a second home which is a rental in New Jersey. I’m a resident of the state but I’d now like to sell the rental and buy a home in Florida. Do I have to pay capital gain taxes even if I buy another house? I was told I have 45 days to buy another house without having to pay taxes. Is that correct?

— Homeowner

A. There are different rules for the sale of rental property and personal residences.

When you sell a rental, you can’t defer the taxes by buying a personal residence, said David Ritter, chair of the tax practice at Brach Eichler in Roseland.

You didn’t say whether the property you want to buy in Florida is for personal use or rental.

If you are selling a rental property in New Jersey and purchasing a new rental property in Florida, you can defer the

HOME VALUES

Why 2021 Might Be The Year To Sell Your Home

2 months ago

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The year 2020 might have hit homeowners trying to sell their properties around the U.S. harder than expected, but 2021 might change that.

The 2021 market will mainly be for sellers, which means buyers will have more options when finding their dream home.

The downside of the 2021 market for buyers is that interest rates and prices are predicted to increase, according to Realtor.com’s 2021 housing forecast.

“The 2021 housing market will be much more ‘normal’ than the wild swings we saw in 2020. Buyers may finally have a better selection of homes to choose from later in the year, but will face a renewed challenge of affordability as prices stay high and mortgage rates rise,” said Danielle Hale, chief economist for Realtor.com.

Mortgage rates could rise to 3.4%.

Home sellers are on the positive side of this real estate spectrum. Coming out of 2020, there is expected to be

BUYING A HOUSE

House approves bill letting Tesla sell, repair cars in Michigan

2 months ago

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The Michigan House on Wednesday passed a bill that would exempt California-based electric automaker Tesla from some elements of a state ban on direct vehicle sales.

The changes that the House approved in a 65-39 vote would enshrine in law the terms of an agreement between the state and electric car company Tesla Inc., which challenged the state’s ban on direct sales in 2016. Michigan’s ban on direct sales requires companies to sell cars through franchises — as Detroit’s automakers do — instead of directly to consumers.

In January, the state settled with Tesla and allowed it to sell cars to Michigan customers if the sale, on paper,took place outside the state. It allowed Tesla Michigan, a subsidiary, to own and operate service and repair facilities in the state.

The legislation approved Wednesday enshrined those elements

FOR SALE

Sydney mum accidentally puts baby SON up for sale as she tries to sell a $50 Christmas tree in Bondi

2 months ago

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Mum accidentally puts her SON up for sale as she tries to offload a $50 Christmas tree online and includes a photo of the toddler

A mother advertised a Christmas Tree for $50 on a Facebook Marketplace page
She included three pictures of the tree and one image of her baby boy sitting
People were quick to point out the error and make jokes at the mother’s expense

By Shive Prema For Daily Mail Australia

Published: 00:40 EST, 2 December 2020 | Updated: 00:44 EST, 2 December 2020

A mother has accidentally put her baby son up for sale by including his picture in an online advertisement for a Christmas tree.

The Sydney mum advertised a 3.5 foot Burlap Christmas Tree for $50 on the Bondi Local Loop Facebook page on Tuesday.

She included three pictures of the three and bizarrely, one picture of her baby boy.

‘Bought two years

HOME FOR SALE

With Record Real Estate Prices, Now Is A Good Time To Sell Your Home

2 months ago

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Things are coming to a boil in the market for U.S. homes, and it may be the right time to sell.

In October, prices for houses across the U.S. registered the fifth-largest monthly gain since 1996 and the strongest in 15 years. The heat is coming from a mix of factors, including limited inventory, suburban migration and rock-bottom interest rates.

According to a recent report from the Federal Housing Finance Agency, U.S. home prices rose 7.8% in the 12 months ended September 30, the fastest climb in more than a decade. The typical U.S. home appreciated by 1% in October alone, to $262,604, the best monthly gain since the summer and fall of 2005.

“This is some of the fastest home price appreciation in the modern era,” says Jeff Tucker, a senior economist at Zillow, which compiled the data on October’s spike. “I don’t think this pace of appreciation

HOME VALUES

Our primary home became a rental. What taxes will we owe when we sell?

2 months ago

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Q. We moved to California in 2012 and rented out our New Jersey home so we don’t qualify for the capital gains tax exemption. We are finally selling the home for $480,000, but we bought it for $549,999 in 2007. What should we expect taxwise?

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— Ready to sell

A. It’s important to understand the rule differences between the sale of a primary home and the sale of a rental property.

If you lose money on your principal residence you cannot deduct the loss, but if you lose money on the sale of a rental property, you can deduct the loss, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown.

You might decide it would be smart, if you would lose money on the home sale, to convert it to a rental for a few years and then sell it

LAND FOR SALE

My mother left a home in Savannah, Ga., on 5 acres. I want to sell. My brother threatened to sue me for harassment and ‘ruin me.’

2 months ago

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THE MONEYIST

Dear Moneyist,

In September, our mom died without a will in Chatham County, Ga. I do not want to own her house and five acres in the country in Savannah, but my two siblings refuse to sell it and split the estate. I live in Indiana.

My brother threatened to “ruin me” when I told him that he and our sister could either buy the property or it would be sold. He is carrying on about how his kids were raised there by our mother, although she did not legally adopt them.

He is blind and likes to winter in the house rather than stay in his own apartment. He lives in a major metropolitan area where he has to navigate public transport. He is living there now without a lease or even his name on the deed.

My sister also does not want to sell the property

LAND FOR SALE

My mother left a home in Savannah, Ga., on 5 acres. I want to sell. My brother threatened to sue me for harassment and ‘ruin me.’

2 months ago

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By Quentin Fottrell, MarketWatch

‘My sister also does not want to sell the property because it has been in the family for 90 years’

Dear Moneyist,

He is blind and likes to winter in the house rather than stay in

LAND FOR SALE

My mother left a home in Savannah with 5 acres. I want to sell. My brother threatened to ‘ruin me’ and sue me for harassment

2 months ago

[email protected]_84

My sister also does not want to sell the property because it has been

CONDO

‘If you can’t sell your condo you can’t move up’: Will the drop in Toronto’s downtown condominium prices spread to detached house prices?

2 months ago

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Toronto’s softer condo sales and prices have so far remained at odds with the region’s blazing single-family home market.

Many realtors and economists say the condo sector will regain its momentum once workers return to their downtown jobs and classes, and the stream of immigrants starts flowing again to the Toronto area.

But not everyone buys that.

Investment adviser Hilliard MacBeth, author of, “When the Bubble Bursts: Surviving the Canadian Real Estate Crash,” said the single-family home market will inevitably be affected by the condo sector.

“For almost everybody, if you want to buy a single-family home you’ve got to sell something,” he said. “The problem is, if you can’t sell your condo you can’t move up.”

The average price of a condo in the city of Toronto edged up by less than one per cent year over year in October. The number of active listings, however, soared by 125

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Tag: Sell

When I sell my N.J. rental home, can I buy in Florida and defer taxes?

Why 2021 Might Be The Year To Sell Your Home

House approves bill letting Tesla sell, repair cars in Michigan

Sydney mum accidentally puts baby SON up for sale as she tries to sell a $50 Christmas tree in Bondi

Mum accidentally puts her SON up for sale as she tries to offload a $50 Christmas tree online and includes a photo of the toddler

With Record Real Estate Prices, Now Is A Good Time To Sell Your Home

Our primary home became a rental. What taxes will we owe when we sell?

My mother left a home in Savannah, Ga., on 5 acres. I want to sell. My brother threatened to sue me for harassment and ‘ruin me.’

My mother left a home in Savannah, Ga., on 5 acres. I want to sell. My brother threatened to sue me for harassment and ‘ruin me.’

My mother left a home in Savannah with 5 acres. I want to sell. My brother threatened to ‘ruin me’ and sue me for harassment

‘If you can’t sell your condo you can’t move up’: Will the drop in Toronto’s downtown condominium prices spread to detached house prices?