This idea goes back to our Declaration of Independence. I believe all of us, especially our legislators, should read this once a year. Click here to download your own copy of The Declaration of Independence.
I hope your holidays were wonderful. Now it's time to get your tax information together. We have sent out our 1040 clients' 2011 tax packet. If you have not recieved your packet, please call Sandy and she will get one out to you. This month we have some info for anyone contemplating buying or selling a home.
Selling Your Home
The Internal Revenue Service has some important information to share with individuals who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may qualify to exclude all or part of that gain from your income. Here are ten tips from the IRS to keep in mind when selling your home. Here are 10 Tips from the IRS.
For more in depth information about selling your home, see IRS Publication 523, Selling Your Home.
First Time Home Buyers
If you and your spouse qualify as first time homebuyers, you may each take up to $10,000 from their IRA's without paying the 10% penalty (you still pay taxes) if the money is used to pay qualified expenses within 120 days of taking the IRA distribution.
Consumer Tip:
When having work done, get three estimates. Don't always go with cheapest.
