Sun Accounting Services

Sun Accounting Services Small business accounting firm based in Boca Raton, FL. Services include accounting, bookkeeping, income tax preparation, business consultation and more.

Seven considerations homeowners should take note of when in the process of selling a home:7. WorksheetsWorksheets includ...
07/15/2021

Seven considerations homeowners should take note of when in the process of selling a home:

7. Worksheets
Worksheets included in Publication 523, Selling Your Home can help taxpayers figure the adjusted basis of the home sold, the gain or loss on the sale and the excluded gain on the sale.

For more information, please feel free to contact Sun Accounting Services on 561 504 6075 or [email protected].

Source: IRS (https://www.irs.gov/newsroom/homeownership-and-taxes-things-taxpayers-should-consider-when-selling-a-house)

Seven considerations homeowners should take note of when in the process of selling a home:6. Possible ExceptionsThere ar...
07/12/2021

Seven considerations homeowners should take note of when in the process of selling a home:

6. Possible Exceptions
There are exceptions to these rules for some individuals, including persons with a disability, certain members of the military, intelligence community and Peace Corps workers.

For more information, please feel free to contact Sun Accounting Services on 561 504 6075 or [email protected].

Source: IRS (https://www.irs.gov/newsroom/homeownership-and-taxes-things-taxpayers-should-consider-when-selling-a-house)

Seven considerations homeowners should take note of when in the process of selling a home:5. Reported SaleTaxpayers who ...
07/06/2021

Seven considerations homeowners should take note of when in the process of selling a home:

5. Reported Sale
Taxpayers who don’t qualify to exclude all the taxable gain from their income must report the gain from the sale of their home when they file their tax return. Anyone who chooses not to claim the exclusion must report the taxable gain on their tax return. Taxpayers who receive Form 1099-S, Proceeds from Real Estate Transactions must report the sale on their tax return even if they have no taxable gain.

For more information, please feel free to contact Sun Accounting Services on 561 504 6075 or [email protected].

Source: IRS (https://www.irs.gov/newsroom/homeownership-and-taxes-things-taxpayers-should-consider-when-selling-a-house)

Seven considerations homeowners should take note of when in the process of selling a home:4. Multiple HomesTaxpayers who...
07/01/2021

Seven considerations homeowners should take note of when in the process of selling a home:

4. Multiple Homes
Taxpayers who own more than one home can only exclude the gain on the sale of their main home. They must pay taxes on the gain from selling any other home.

For more information, please feel free to contact Sun Accounting Services on 561 504 6075 or [email protected]. Also welcome to visit our website www.sunaccountingservices.com.

Source: IRS (https://www.irs.gov/newsroom/homeownership-and-taxes-things-taxpayers-should-consider-when-selling-a-house)

Seven considerations homeowners should take note of when in the process of selling a home:3. LossesSome taxpayers experi...
06/28/2021

Seven considerations homeowners should take note of when in the process of selling a home:

3. Losses
Some taxpayers experience a loss when their main home sells for less than what they paid for it. This loss is not deductible.

For more information, please feel free to contact Sun Accounting Services on 561 504 6075 or [email protected]. Also welcome to visit our website: www.sunaccountingservices.com.

Source: IRS (https://www.irs.gov/newsroom/homeownership-and-taxes-things-taxpayers-should-consider-when-selling-a-house)

Seven considerations homeowners should take note of when in the process of selling a home:2. GainsTaxpayers who sell the...
06/24/2021

Seven considerations homeowners should take note of when in the process of selling a home:

2. Gains
Taxpayers who sell their main home and have a gain from the sale may be able to exclude up to $250,000 of that gain from their income. Taxpayers who file a joint return with their spouse may be able to exclude up to $500,000. Homeowners excluding all the gain do not need to report the sale on their tax return.

For more information, please feel free to contact Sun Accounting Services on 561 504 6075 or [email protected].

Source: IRS (https://www.irs.gov/newsroom/homeownership-and-taxes-things-taxpayers-should-consider-when-selling-a-house)

When selling your home, it's important for taxpayers to understand how such may affect their tax return. When one files ...
06/21/2021

When selling your home, it's important for taxpayers to understand how such may affect their tax return. When one files their taxes, they may qualify to exclude all or part of any gain from the sale from their income.

Here are seven key considerations homeowners should take note of when in the process of selling a home:

1. Ownership and use
To claim the exclusion, the taxpayer must meet ownership and use tests. During a five-year period ending on the date of the sale, the homeowner must have owned the home and lived in it as their main home for at least two years.

For more information, please visit our website www.sunaccountingservices.com or feel free to contact us on either 561 504 6075 or [email protected].

Source: IRS (https://www.irs.gov/newsroom/homeownership-and-taxes-things-taxpayers-should-consider-when-selling-a-house)

Address

1398 SW 21st Lane
Boca Raton, FL
33486

Opening Hours

Monday 8am - 6pm
Tuesday 8am - 6pm
Wednesday 8am - 6pm
Thursday 8am - 6pm
Friday 8am - 5pm

Telephone

(561) 504-6075

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