After You Sell
Taxes and Profits
Profit is the difference between the price you pay to buy a home and the amount you receive when you sell it, less any capital improvements. There are also some great tax benefits you'll receive when you sell your house.
Required Tax Filings
This section covers the elements of filling out and filing your taxes after selling your house, including details on how to calculate your gains.
Exclusion and Taxable Gains
Thanks to the new capital gains rules figuring out how much, if any, of that gain is taxable is quite simple. This explains in further detail capital gains and the exclusion of certain housing sale profits.
At the closing for your property's sale, you will be buried in an avalanche of paperwork. But you've got to keep copies of all those papers for the IRS and you should begin tracking proof of improvements and prior purchases.
If you sell your house and don't immediately buy another one, you need to find a safe place to park your proceeds. Here are some personal finance thoughts and options explaining how to temporarily invest your cash.
Your Next Home
Selling your house and buying another takes a great deal of your time and money. So, when you choose your next home, choose carefully. This covers pulling together your next down payment as well as renting options.
Change Your Address
You don't want to rack up late payment fees, interest charges, and damage to your credit report. And you don't want to lose track of any of your investment accounts, either. Don't delay informing all parties you know of your change of address.