Tax Tips for Individuals
Selling Their Home
you sell your home and make a profit, do you know that the
gain may not be taxable?
That's just one key tax rule
that you should know.
Here are ten facts to keep in mind if you sell your home this
If you have a capital gain on the sale of your home, you may
be able to exclude your gain from tax. This rule may apply if
you owned and used it as your main home for at least two out
of the five years before the date of sale.
There are exceptions to the ownership and use rules. Some
exceptions apply to persons with a disability. Some apply to
certain members of the military and certain government and
Peace Corps workers. For additional details, please call.
The maximum amount of gain you can exclude is $250,000. This
limit is $500,000 for joint returns. In addition, the Net
Investment Income Tax will not apply to the excluded gain.
If the gain is not taxable, you may not need to report the
sale to the IRS on your tax return.
You must report the sale on your tax return if you can't
exclude all or part of the gain. And you must report the sale
if you choose not to claim the exclusion. That's also true if
you get Form 1099-S, Proceeds From Real Estate Transactions.
Keep in mind that if you report the sale you may be subject to
Generally, you can exclude the gain from the sale of your main
home only once every two years.
If you own more than one home, you may only exclude the gain
on the sale of your main home. Your main home usually is the
home that you live in most of the time.
If you claimed the first-time homebuyer credit when you bought
the home, special rules apply to the sale.
If you sell your main home at a loss, you can't deduct it.
After you sell your home and move, be sure to give your new
address to the IRS. You can send the IRS a completed Form
8822, Change of Address, to do this.
Important note about the Premium Tax Credit.
If you receive advance payment
of the Premium Tax Credit in 2016, it is important that you
report changes in circumstances, such as changes in your
income or family size, to your Health Insurance Marketplace.
You should also notify the Marketplace when you move out of
the area covered by your current Marketplace plan.
Please call the office if you would like more information
about tax planning strategies this year. Help is just a
phone call away at
SMEED CPA Adds Financial
Services To Help Clients With
Investments & Insurance
often we here at SMEED CPA are asked about financial issues
that impact our clients investments and their portfolios.
We always offered our opinion and suggestions but in order to
help our clients actually execute the changes we suggest,
SMEED has created a Financial Services division.
SMEED Financial Services, Inc. will be able to
work with both individual and business clients on their
investment portfolios and manage assets on their behalf.
SMEED Financial will include Michael Uadiale,
ACA, CPA, CGMA; and Pablo Blanco who has
recently joined SMEED and comes with over 18 years of
financial sales and advising experience with affluent
Watch your inbox and mail boxes for more specific information
on services SMEED Financial Services, Inc will make available
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Hello it’s Michael Uadiale, CPA of
SMEED CPA Inc. We’ve just installed a toll-free
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think we are doing as your CPA firm.
Just dial 800-609-9006
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Also as we expand our business,
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When they do this we want to
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ONLINE REVIEW on our Google Maps/Places listing --->
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click here to go to our Google Listing for SMEED CPA and
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You will click on the Rate and
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give us a review!
You can choose between 1 and 5
STARS and write in what you think about the tax or accounting
work we have done for you.
It's that simple. Thank
you in advance for your help and cooperation!
As always you can call our offices if you have any
questions about these or any other accounting related issues, at
Regards, Michael Uadiale, CPA,
Managing Partner, SMEED CPA,