Twin Cities Property Finder · David Olson, Broker · MN #BK3603584 · Whitefish Property Finder · MN #40646463 · Licensed in Minnesota, Wisconsin and Florida
People are staying longer in their homes according to the National Association of Realtors and the U.S.
Here’s what to know, whether you’re selling, buying or just curious.
Here’s an honest look, whether you’re selling or buying.
What to know
Census. Over time, even a modest appreciation could result in a significant gain and homeowners should have a strategy to minimize possible taxes.
Maintenance on a principal residence is not deductible but improvements can add to the basis which can reduce the gain in the sale. Improvements are easily identified if they add to the value of a home, prolong its useful life or adapt it to new uses.
Receipts and other proof, such as pictures, should be kept during ownership and for several years after the sale of the home. They can include the closing statements from the purchase and sale of the home and all receipts for improvements, additions or other items that affect the home’s adjusted basis or cost.
More details
For a principal residence, basis includes the price paid, plus certain acquisition costs and capital improvements made. When the property is sold for more than the basis, there is a gain.
A simple strategy is to put documents that affect the basis of the home in one envelope. Any receipt for money spent on the home that isn’t the house payment or utilities, goes into the envelope. Your tax advisor will be able to sort through them to determine the capital improvements.
For more information on determining basis or capital improvements, see IRS publication 523, Selling Your Home.
A simple plan for your move
I’ve been helping people sell and buy homes across Minnesota, Wisconsin, and Florida for about two decades, and I build and remodel luxury homes too. I’ll help you see both what a property is and what it could be.
Getting the house ready, or making it yours
If you’re selling and want repairs handled before buyers see them, Super Crew Contractors can give you an estimate. If you’re ready for something custom, Ivy Lane Homes does luxury home building and remodeling. And a quick coverage check with Intrinsic Insurance before closing can save you a surprise. Ready to talk? Start a buyer plan or ask what your home is worth.
Super Crew Contractors, Ivy Lane Homes and Intrinsic Insurance are owned by David Olson; you are free to use any contractor, builder or insurer.
Your next step
Every move is different. Whether you’re selling or buying, I’ll help you make a plan that fits.
Please note: I don’t handle rentals or property management. I work with sellers and buyers, and that’s where I can help you most in the Twin Cities.
Stay close to the market, without the noise.
Every so often I send a short, practical note: what Twin Cities homes did, prep tips that are worth the money, and neighborhoods worth a look.
Thank you! You’re on the list.
I’m glad you’re here. A quick confirmation is on its way to your inbox. Whenever you want to talk about your own home or a move, I’m a call or text away.
