CityView Magazine

68 | May/June 2015 fy, congratulations… take a bow! If you're lucky enough to sell a home whose value exceeds the exclusion amounts listed above, the IRS will hit you one more time, taxing the overage at the rate for a long-term capital gain. If you don't qualify for this exclusion, any profit realized from the sale of the home will either be taxed as a short-term or long-term capital gain, depending on whether the seller owned the home less than or more than a year. It's tricky calculating the numbers for the IRS exclusion, as variables in- clude sale price, tax basis of the seller and depreciation claimed on the home. e prudent seller should consult with a seasoned tax attorney if they question the extent to which they qualify for this exclusion. No one wants to miss the big show staying home for an audit. When the show is over and its time to move on, there's an interlude between acts that allows the next group to set up while the other leaves. Similarly, once the home is sold the buyer becomes responsible for the power bill, not you. However, standard practice suggests waiting 48 to 72 hours to contact the power company to allow the buyer time to make the switch, especially if the sale takes place at the end of the week. Once the closing takes place, the en- core is to leave your telephone number, email address and if you have it, your new home address with the parties to be accessible for any post-sale questions that may arise and to collect your check. An oen overlooked thought is to leave your information with your homeown- ers' insurance company and escrow ac- count holder, if your home had an es- crow account. Homeowner's insurance bills annually, so you may be entitled to a pro-ration of the policy and a re- fund of the unused portion. Likewise, any sums remaining in the escrow ac- count aer selling you home must be re- turned to you. If you follow these simple steps you will be able to sell your home while maintaining your integrity, get- ting yourself off the highway to hell and climbing the stairway to heaven. CV Susan Benoit is a partner with Hutch- ens Law Firm practicing in the area of real estate You no longer have to travel long distances to get great care. Hoke Hospital brings Cape Fear Valley's nationally recognized quality to Hoke County and southwestern Cumberland County. Hoke Hospital's Emergency Department and Medical/Surgical Unit are open. Its Birth Center is expected to begin delivering babies in June. We care for Hoke We care for Hoke exceptional care | personal attention now open! www.capefearvalley.com now open! BROUGHT TO YOU BY CITYVIEW WWW.SANDHILLSDOCTORS.COM The Future Of Healthcare In The Sandhills 2015-2016 D I R E C T O R Y & DENTAL COMING SOON CityView's 2015-2016 Medical & Dental DIRECTORY Contact sales@cityviewnc.com to reserve your spot

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