Tax Warrior Chronicles

Millennial Series: Part III Buying a House – What Every Millennial Should Know

Posted on Thu, Aug 10, 2017

By: Melissa Banion, CPA, MT

 

Buying a house will likely be the largest purchase you make in your lifetime.  It is a significant investment and much consideration should go into your decision-making process before executing the transaction.  Yes, it is scary and can be overwhelming if you are not prepared and do not do your homework before jumping in.  Luckily, the Tax Warriors® are here to give you guidance before you contact a real estate agent.

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Excluding Gains on the Sale of Your Principal Residence

Posted on Mon, Apr 07, 2014

If you have a smart phone, few daily tasks exist for which you cannot find an app to assist.  Tax laws operate much the same way. Just when you think you’ve found some innovative way to treat a transaction, you’ll often find that the Internal Revenue Code already has a law for that.  Take selling your home, for example.  Between searching for the perfect home, figuring out how you’re going to move all of your belongings, and eventually going through the process of selling your current home, no one wants to be bothered with the resulting tax ramifications.  Fortunately, a tax law eases the tax burden associated with selling your personal residence.

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