CityView Magazine

CityViewNC.com | 67 rable quality, the presence of an agent bonus could tip the scales in your favor without affecting the homes price. Record deals in the music industry comprehensively address subjects rang- ing from compensation, types of instru- ments used, days the band travels right down to what color M&M goes in the tour bus candy jar. If it's important to the group, then it's in the contract. e same applies to the sale of your home – if it's important to you, make sure to in- clude it in the contract to purchase. is ensures all parties have an understand- ing of what they receive on completing the transaction. If you have a contract and other items must be negotiated be- tween signing and closing, do your best to ensure each item is included in a con- tract addendum and signed by both the buyers and sellers. Sometimes instances arise where there's a time crunch or a stubborn lender, requiring the buyer and seller to exchange "POC" funds (industry vernacular for paid outside of closing), but a wise seller keeps such transactions to a minimum. A rock band who's sold out always releases a greatest hits album in the twilight of their career, however when you sell your house, the greatest hit for you may be to your wallet. If you real- ize a profit from selling your home, the IRS may seek recovery of their royalties. Whether selling you home rises to be a taxable event relies on many variables, however two major factors are sale price and the amount of time the seller owned the home. e power ballad the IRS croons will allow a seller a tax exclusion up to $250,000 from a single person's sale from federal income and for a mar- ried couple this number doubles to $500,000. However, one must listen to the entire eight minute tune, as the seller must qualify for this IRS exclu- sion by first using the home they sell as a primary residence, and secondly the prospective seller must have lived at the residence for at least two years. Furthermore, there are laws that allow members of the Armed Forces to claim this exclusion regardless of time spent, provided their move results from a per- manent change in station. If you quali- 3833 Bragg Blvd. • (910) 920-4657 Build with us. Visit fayettevillenchabitat.org. You may be turned off, but it can still light up a room. Out with the old, in with the new. Donate your gently used appliances, building supplies, and other materials to the Habitat ReStore on Bragg Boulevard. 400 Westwood Shopping Center, Suite 210 (Player Office Building) Fayetteville, NC 28314 | 910-426-5291 | www.lonnieplayerlaw.com Business Law & Litigation | ContraCt Law & Litigation | Condemnation administrative Law & ProfessionaL LiCensing | CorPorate formations & governanCe reaL ProPerty Law & Litigation | PersonaL injury | CoLLeCtions | wiLLs & estates government ContraCting & ProCurement Law | CommerCiaL transaCtions Jennifer L. Malone, Ryan C. Aul, Lonnie M. Player Jr., Victoria L. Zwickel

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