The government taxes people’s incomes so why doesn’t the same rule apply to profits from a home sale, which feels a lot like income in itself? The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that this exemption is a means of making homeownership seem more desirable. Uncle Sam views homeownership as a wealth-builder and stabilizer for the U.S. economy and therefore incentivizes Americans to own real estate with tax breaks. Even if your profits are less than the maximum exemptable amount, if you haven’t lived in the home as your primary residence for at least two of the past five years, you will be required to pay a capital gains tax on whatever you earn when you sell. Check out below to see what sold in Cascades of Northville in September 2020:
18177 Shoreline Court, Northville: 3 bedrooms, 2.2 bathrooms, 3,953 sq. feet, 3 car garage, Sold Price: $770,000
Cascades of Northville Home Sold
September 2020
In most cases, a homeowner isn’t required to report the profits from the sale of a home on their tax returns. For more information on Cascades of Northville, or similar Northville or Novi neighborhoods such as Brooklane Ridge, Chase Farms and Bradford of Novi, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.