Tuesday, October 25, 2016

Reporting principal residence sales at tax time




Recent changes means  you must report any and all real estate sales at tax time.











Not only did the mortgage rules change this year, but now you are also required to report any and all real estate sales at tax time.  Yes, that includes a principal residence. 

Although the sale of your principal residence will be more of a compliance issue than an actual change in what you have to pay for your taxes, there could be implications if you fail to report a sale or misrepresent the sale and there is a great deal to consider if you have more than one property that you own.

To help you further understand the changes take a look at these 8 questions you might have about principal residence tax rules.

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