{"id":20508,"date":"2022-05-20T15:49:48","date_gmt":"2022-05-20T15:49:48","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=20508"},"modified":"2022-05-20T15:49:50","modified_gmt":"2022-05-20T15:49:50","slug":"sellers-with-record-profits-may-see-a-tax-bill","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/sellers-with-record-profits-may-see-a-tax-bill\/","title":{"rendered":"Sellers With Record Profits May See a Tax Bill"},"content":{"rendered":"\n<p>Many home sellers are making a profit on their sale. But if that profit is high enough, they may be on the hook for capital gains taxes.<\/p>\n\n\n\n<p>Capital gains taxes kick in when profits exceed $250,000 for single sellers or $500,000 for married couples who file together.<\/p>\n\n\n\n<p>As home prices have soared, longtime homeowners may be more likely to see a tax bill.<\/p>\n\n\n\n<p>\u201cIt\u2019s become a huge part of the conversation now,\u201d John Schultz, a certified public accountant and partner at Genske, Mulder &amp; Co. in Ontario, Calif., told CNBC. Profits from the sale of a home are considered capital gains, but the rate at which they are taxed depends on the filer\u2019s taxable income. The current rates are 0%, 15%, and 20%, CNBC reports.<\/p>\n\n\n\n<p>Many rules affect the rate. For example, sellers must own and use the home as their primary residence for two of the five years preceding the sale, but those two years don\u2019t have to be consecutive.<\/p>\n\n\n\n<p>Some homeowners are converting a rental property to a primary residence for two years to get a partial exclusion. Certain home improvements can also affect the rate, Schultz told CNBC. For example, home additions, patios, swimming pools, or other improvements may qualify for exclusions if they can be shown to add value. Homeowners will need to keep detailed records.<\/p>\n\n\n\n<p>CNBC recently highlighted <a rel=\"noreferrer noopener\" href=\"https:\/\/www.cnbc.com\/2022\/05\/17\/how-to-sidestep-a-tax-bomb-when-selling-your-home.html\" target=\"_blank\">other considerations for homeowners who are selling at a profit<\/a> and are at risk of facing a steep tax bill. Source:\u00a0\u201c<a rel=\"noreferrer noopener\" href=\"https:\/\/www.cnbc.com\/2022\/05\/17\/how-to-sidestep-a-tax-bomb-when-selling-your-home.html\" target=\"_blank\">How to Sidestep a Tax Bomb When Selling Your Home<\/a>,\u201d CNBC (May 17, 2022)<\/p>\n\n\n\n<p>\u00a9National Association of REALTORS\u00ae<br \/>Reprinted with permission<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many home sellers are making a profit on their sale. But if that profit is high enough, they may be on the hook for capital gains taxes. Capital gains taxes kick in when profits exceed $250,000 for single sellers or $500,000 for married couples who file together. As home prices have soared, longtime homeowners may &hellip; <\/p>\n<p><a class=\"more-link btn\" href=\"http:\/\/www.anthonydidonato.net\/wordpress\/sellers-with-record-profits-may-see-a-tax-bill\/\">Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-20508","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sellers With Record Profits May See a Tax Bill - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.anthonydidonato.net\/wordpress\/sellers-with-record-profits-may-see-a-tax-bill\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/sellers-with-record-profits-may-see-a-tax-bill\\\/#article\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/sellers-with-record-profits-may-see-a-tax-bill\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Sellers With Record Profits May See a Tax Bill\",\"datePublished\":\"2022-05-20T15:49:48+00:00\",\"dateModified\":\"2022-05-20T15:49:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/sellers-with-record-profits-may-see-a-tax-bill\\\/\"},\"wordCount\":270,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/sellers-with-record-profits-may-see-a-tax-bill\\\/\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/sellers-with-record-profits-may-see-a-tax-bill\\\/\",\"name\":\"Sellers With Record Profits May See a Tax Bill - 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Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both. Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary. Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that \u201cperfect\u201d property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently. When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting \u2013 or exceeding \u2013 his clients\u2019 expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame. For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania\u2026 call Anthony DiDonato.\",\"sameAs\":[\"http:\\\/\\\/www.anthonydidonato.net\"],\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/author\\\/admin\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Sellers With Record Profits May See a Tax Bill - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"http:\/\/www.anthonydidonato.net\/wordpress\/sellers-with-record-profits-may-see-a-tax-bill\/","twitter_misc":{"Written by":"admin","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"http:\/\/www.anthonydidonato.net\/wordpress\/sellers-with-record-profits-may-see-a-tax-bill\/#article","isPartOf":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/sellers-with-record-profits-may-see-a-tax-bill\/"},"author":{"name":"admin","@id":"http:\/\/www.anthonydidonato.net\/wordpress\/#\/schema\/person\/964792b6994e8cc4cbddc36ad4824908"},"headline":"Sellers With Record Profits May See a Tax Bill","datePublished":"2022-05-20T15:49:48+00:00","dateModified":"2022-05-20T15:49:50+00:00","mainEntityOfPage":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/sellers-with-record-profits-may-see-a-tax-bill\/"},"wordCount":270,"publisher":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/#\/schema\/person\/964792b6994e8cc4cbddc36ad4824908"},"keywords":["Anthony DiDonato","News","Real Estate","tips"],"articleSection":["News","Real Estate Tips"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"http:\/\/www.anthonydidonato.net\/wordpress\/sellers-with-record-profits-may-see-a-tax-bill\/","url":"http:\/\/www.anthonydidonato.net\/wordpress\/sellers-with-record-profits-may-see-a-tax-bill\/","name":"Sellers With Record Profits May See a Tax Bill - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania","isPartOf":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/#website"},"datePublished":"2022-05-20T15:49:48+00:00","dateModified":"2022-05-20T15:49:50+00:00","breadcrumb":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/sellers-with-record-profits-may-see-a-tax-bill\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["http:\/\/www.anthonydidonato.net\/wordpress\/sellers-with-record-profits-may-see-a-tax-bill\/"]}]},{"@type":"BreadcrumbList","@id":"http:\/\/www.anthonydidonato.net\/wordpress\/sellers-with-record-profits-may-see-a-tax-bill\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"http:\/\/www.anthonydidonato.net\/wordpress\/"},{"@type":"ListItem","position":2,"name":"Sellers With Record Profits May See a Tax Bill"}]},{"@type":"WebSite","@id":"http:\/\/www.anthonydidonato.net\/wordpress\/#website","url":"http:\/\/www.anthonydidonato.net\/wordpress\/","name":"Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania","description":"Properties and Real Estate for Sale","publisher":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/#\/schema\/person\/964792b6994e8cc4cbddc36ad4824908"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"http:\/\/www.anthonydidonato.net\/wordpress\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":["Person","Organization"],"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/#\/schema\/person\/964792b6994e8cc4cbddc36ad4824908","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2020\/03\/anthony-110x150.jpg","url":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2020\/03\/anthony-110x150.jpg","contentUrl":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2020\/03\/anthony-110x150.jpg","caption":"admin"},"logo":{"@id":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-content\/uploads\/2020\/03\/anthony-110x150.jpg"},"description":"For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both. Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary. Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that \u201cperfect\u201d property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently. When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting \u2013 or exceeding \u2013 his clients\u2019 expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame. For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania\u2026 call Anthony DiDonato.","sameAs":["http:\/\/www.anthonydidonato.net"],"url":"http:\/\/www.anthonydidonato.net\/wordpress\/author\/admin\/"}]}},"_links":{"self":[{"href":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/posts\/20508","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/comments?post=20508"}],"version-history":[{"count":0,"href":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/posts\/20508\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/media?parent=20508"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/categories?post=20508"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.anthonydidonato.net\/wordpress\/wp-json\/wp\/v2\/tags?post=20508"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}