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Buying or selling a home is a significant life decision, and having the right realtor by your side can make all the difference. A skilled and trustworthy realtor can navigate the complexities of the real estate market, ensuring a smooth and successful transaction.

Nestled against the stunning backdrop of the Rocky Mountains, Littleton, Colorado, has undergone a remarkable transformation in recent years, evolving from a quaint suburb to a thriving city that seamlessly blends modern amenities with a strong sense of community.

One of the conditions for taking the Section 121 Exclusion (exclusion of taxable gain up to $250,000 or $500,000 for married filing jointly) is the exclusion of taxable gain must not have been taken within the last 2 years. In addition the home must have been owned and used as a primary residence for 2 years.Given the rapid rise in home prices it is not unlikely that your home could have appreciated quickly. Let’s say you are selling your home for a profit after living there for only 18 months instead of the required two years, so you fail the ownership and use tests.

This is the first post in a series of educational posts to inform you of the income tax loopholes and landmines of Real estate transactions. Subsequent posts shall include the following topics: Rental property income, home office deduction, installment sales, vacation home with short term rentals, sales of a rental property, deferral of gain under section 1031, QOF, DST.