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McKinney Texas Form 1040 (Schedule A): What You Should Know
Tax Tips If you're thinking about selling property and want to know what the property is worth and what the federal tax consequences are, call your local real estate agent or visit this website. Tax Tips for the Young Entrepreneur In the past, the Federal Estate Tax, which was abolished in 2006, made it difficult for young people to sell their first home at a discount, since a tax collector would be in the habit of contacting a young family with an underpriced home. There are numerous IRS publications that help young entrepreneurs determine if their first home is worth more than a few thousand dollars. But there are also many young entrepreneurs who are unaware that the Federal Estate Tax doesn't apply to first homes. That means that young entrepreneurs don't face any estate or gift tax consequences of all. Under IRC Section 2053(b): “The deduction provided by §2053 is only available to, and is in addition to, other deductions. It does not affect any transfer tax imposed on that transfer. If an individual uses §2053 in connection with a transfer of property to a qualified heir, the individual may deduct the total transfer price of the property under §2051 instead.” IRC section 2053(b) (emphasis added). So, how do you know if your home is worth more than 1,500,000? If you do your homework and are prepared to pay real estate agent fees, it is possible to determine your property's value, including its potential value after a few years. If you're ready to sell your home, it is recommended that you consult a qualified tax professional.
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