{"id":7305,"date":"2017-11-30T00:00:00","date_gmt":"2017-11-30T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/1-month-left-to-sell-before-possible-tax-hike\/"},"modified":"2017-11-30T00:00:00","modified_gmt":"2017-11-30T00:00:00","slug":"1-month-left-to-sell-before-possible-tax-hike","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/1-month-left-to-sell-before-possible-tax-hike\/","title":{"rendered":"1 Month Left to Sell Before Possible Tax Hike"},"content":{"rendered":"<p>\n<\/p>\n<div readability=\"49.275903041825\">\n<!--\n\n<pre>-->  <\/p>\n<div property=\"dc:description\" readability=\"44.884980988593\"><!--paging_filter--><\/p>\n<p>Some home sellers would need a sale contract inked before the end of 2017 in order to avoid a big tax bill that would be imposed if the GOP tax reform proposals become law. Both the House and Senate bills would require sellers to have lived in their residence for a longer period of time before qualifying for the capital gains tax exclusion on the sale of a primary home. They would have to live in their house at least five years out of the last eight; right now, the requirement is two years out of the last five.<\/p>\n<p><object align=\"right\"><iframe loading=\"lazy\" allowfullscreen=\"\" frameborder=\"0\" height=\"224\" src=\"https:\/\/www.youtube.com\/embed\/jbGfwJBwslk\" width=\"400\"><\/iframe><\/object><\/p>\n<p>The Senate version, however, includes an exception for transactions in which a contract is written before Jan. 1, even if the closing occurs in 2018. The bill passed by the House includes no such exception. Therefore, homeowners who are currently thinking about selling have only one month left to complete a deal before proposed tax changes would take effect. Should tax reform be enacted, some homeowners who sell in 2018 may no longer qualify for the capital gains exclusion, which covers up to $250,000 for an individual and $500,000 for a married couple. As a result, the difference between your client\u2019s tax bill pre- and post-tax reform could be huge.<\/p>\n<p>It won\u2019t be known whether the House or Senate version of tax reform is adopted until the bill is finalized, which could happen in a few weeks. But sellers who haven\u2019t lived in their house for more than five of the last eight years will want to act quickly regardless of the version that is approved.<\/p>\n<p>Separately, the National Association of REALTORS\u00ae has released an interactive chart showing the estimated impact of tax reform on home values across the country. Select your state from the drop-down menu on the right-hand side of the document embedded below.<\/p>\n<div class=\"tableauPlaceholder\" id=\"viz1512069213936\" style=\"position: relative\"><noscript><img data-recalc-dims=\"1\" decoding=\"async\" alt=\"All data by state \" src=\"https:\/\/i0.wp.com\/public.tableau.com\/static\/images\/st\/statetaxdata-RMODNSize\/Alldatabystate\/1_rss.png?ssl=1\" style=\"border: none\"\/><\/noscript><\/div>\n<p>\u00a0<\/p>\n<p>State-by-state data on tax deductions, capital gains exemptions, and the impact on <a href=\"https:\/\/amazingproperty.com.ng\/blog\/property-center-nigeria\/\">housing<\/a> prices from the 2017 tax reform framework is available at nar.realtor (scroll to mid-page). Join NAR\u2019s call to action to tell your congressional representatives to protect homeowners in the tax reform bills.<\/p>\n<p><em>\u2014Sam Silverstein and Robert Freedman, REALTOR\u00ae Magazine<\/em><\/p>\n<\/div>\n<\/div>\n<p><a hre=\"http:\/\/feedproxy.google.com\/~r\/DailyRealEstateNews\/~3\/idsTpxKQjCU\/1-month-left-sell-possible-tax-hike\"> Realtors <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Some home sellers would need a sale contract inked before the end of 2017 in order &hellip; <a title=\"1 Month Left to Sell Before Possible Tax Hike\" class=\"hm-read-more\" href=\"https:\/\/amazingproperty.com.ng\/blog\/1-month-left-to-sell-before-possible-tax-hike\/\"><span class=\"screen-reader-text\">1 Month Left to Sell Before Possible Tax Hike<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":7306,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[12908,543,10,5254,627,617,344,1007,41,818,479,15282,61,4750],"class_list":["post-7305","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-home","tag-home-buying-guide","tag-home-sell","tag-home-sellers","tag-homeowners","tag-house","tag-housing","tag-owners","tag-property","tag-real","tag-realtor","tag-ross","tag-seller","tag-youtube"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/1512079515_1_rss.png?fit=599%2C1576&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":851,"url":"https:\/\/amazingproperty.com.ng\/blog\/what-are-sellers-closing-costs-in-florida\/","url_meta":{"origin":7305,"position":0},"title":"What are Seller&#039;s Closing Costs in Florida","author":"Amazing Property","date":"February 20, 2017","format":false,"excerpt":"[ad_1] Wouldn\u2019t be nice to just put your home up for sale, find a buyer that writes you a full price offer and close quickly with no issues regarding the home inspection, the appraisal or financing? Oh yes, but in the real world, there is work to be done!\u00a0 Besides\u2026","rel":"","context":"In &quot;Property owner&quot;","block_context":{"text":"Property owner","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/property-owner\/"},"img":{"alt_text":"costs for selling a house","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2023\/01\/32ccee75fe23be98c4df7b60fe734662.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":28928,"url":"https:\/\/amazingproperty.com.ng\/blog\/what-a-year-2021-was-for-home-sellers-and-the-housing-market-in-the-u-s\/","url_meta":{"origin":7305,"position":1},"title":"What a year 2021 was for home sellers and the housing market in the U.S.","author":"Amazing Property","date":"February 3, 2022","format":false,"excerpt":"Home sellers profits rose in more than 90% of the housing markets tracked based on median purchase and resale prices. Home sellers in 2021 may have been a little shocked at the\u00a0profit they made selling their homes. A report shows that home sellers nationwide realized a profit of $94,092 on\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Home seller","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2022\/01\/Home-seller.jpg?fit=400%2C266&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6332,"url":"https:\/\/amazingproperty.com.ng\/blog\/6-surprising-benefits-of-buying-or-selling-your-home-in-the-fall\/","url_meta":{"origin":7305,"position":2},"title":"6 Surprising Benefits Of Buying Or Selling Your Home In The Fall","author":"Amazing Property","date":"September 24, 2017","format":false,"excerpt":"Seeing fewer for-sale signs now that summer is over? That can be great news for buyers who are looking to score a new home and buyers who want to get rid of their place and buy a new one. If you think you missed the boat on making your move\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/open-house-busy-300x223.jpg?fit=300%2C223&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":128104,"url":"https:\/\/amazingproperty.com.ng\/blog\/the-sell-house-costs-breakdown\/","url_meta":{"origin":7305,"position":3},"title":"The Sell House Costs Breakdown","author":"Amazing Property","date":"November 1, 2024","format":false,"excerpt":"A Comprehensive Breakdown of the Costs to Sell House. Real Estate Agent Commissions Real estate agent commissions typically range from 5% to 6% of the home's sale price, split between listing and buyer's agents. For a $400,000 home, this amounts to $20,000 to $24,000. However, these rates aren't fixed. Nearly\u2026","rel":"","context":"In &quot;RealEstate&quot;","block_context":{"text":"RealEstate","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/realestate\/"},"img":{"alt_text":"Tenant screening process","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/images\/real-estate-financial-planning.jpeg?fit=1200%2C686&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/images\/real-estate-financial-planning.jpeg?fit=1200%2C686&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/images\/real-estate-financial-planning.jpeg?fit=1200%2C686&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/images\/real-estate-financial-planning.jpeg?fit=1200%2C686&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/images\/real-estate-financial-planning.jpeg?fit=1200%2C686&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":6740,"url":"https:\/\/amazingproperty.com.ng\/blog\/selling-half-the-winning-real-estate-strategy\/","url_meta":{"origin":7305,"position":4},"title":"Selling: Half The Winning Real Estate Strategy","author":"Amazing Property","date":"October 23, 2017","format":false,"excerpt":"Let's zero in on the family home to reveal room for improvement in ways this investment can be put to work when owners are intent on living full, active lives. Traditionally, when the children were grown and gone, \"empty-nester\" homeowners\/sellers were faced with two options regarding the family home: Option\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"67161833426412cd4360bd09267abc48 S.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/10\/67161833426412cd4360bd09267abc48_S.jpg?fit=424%2C276&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6960,"url":"https:\/\/amazingproperty.com.ng\/blog\/nar-gops-tax-plan-attacks-homeownership\/","url_meta":{"origin":7305,"position":5},"title":"NAR: GOP\u2019s Tax Plan \u2018Attacks Homeownership\u2019","author":"Amazing Property","date":"November 6, 2017","format":false,"excerpt":"Republican strategist Steve Schmidt predicted during the REALTORS\u00ae Conference & Expo in Chicago on Saturday that Congress would not pass the GOP\u2019s tax proposal. Congressional Republicans are pushing the bill, he said, simply because they need a legislative victory. Read more. The recently released GOP tax reform plan would decrease\u2026","rel":"","context":"In &quot;Opportunities In New Markets&quot;","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"11 6 17 Steveschmidt.jpg","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/11_6_17_SteveSchmidt.jpg?fit=400%2C266&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/7305","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=7305"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/7305\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/7306"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=7305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=7305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=7305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}