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Tax Expert and Advisor Barry G. Fowler, EA, Talks Tax Advantages of Selling a Home
By: Taxation Solutions
Houston, TX – July 27, 2017 – Barry G. Fowler, CEO of Taxation Solutions, posted a new blog on the company website entitled "Selling Your Home May Not Be A Taxing Event," in which Mr. Fowler reviews the requirements for avoiding taxable capital gain on the sale.
Fowler points out that, "Spring and summer in some areas of the country are prime times to sell a home. In warmer climates like Texas, Florida, Arizona, Nevada and the Carolinas, the home buying/selling season is less defined." He elaborates adding, "In more temperate climates it rarely matters when you put you home on the market."
According to Fowler, "There will likely be tax implications no matter when you sell." Then he says, "There also may be a big fat tax advantage. So, whether you are putting your home on the market now or waiting for the next Spring/Summer season, you can brush up on knowing how you may be affected tax wise."
"For starters," writes Fowler, "be aware that the IRS allows each individual taxpayer to exclude up to $250,000 of gain from the sale of their primary residence so long as certain ownership and occupancy requirements are met. If an individual/couple is unable to exclude all or part of the gain, it is taxable as a capital gain in the year of sale."
The entire blog can be read at http://www.taxationsolutions.net/
About Barry G. Fowler, EA
Barry G. Fowler founded Taxation Solutions out of a genuine concern for the IRS issues his clients face, many of whom are self-employed, contract employees, or entrepreneurs. For his contributions to his profession and expertise in tax resolution and financial planning, Fowler has been featured as one of America's Trendsetters on CBS and Yahoo, and as a Premier Expert in Inc. Magazine. He has been instrumental in helping hundreds of people resolve complex tax issues with the IRS.
Fowler is licensed to represent taxpayers before the Internal Revenue Service, and is a longstanding member of several tax industry professional organizations: