Joe Costantino | Weymouth Real Estate, Abington Real Estate, Rockland Real Estate


Buying a home is one of the biggest and most useful investments that you’ll make in your lifetime. One thing you should understand when you're making big improvements to a home or doing any kind of high return renovations is that of the Capital Gains Tax. This tax can take away from the return on your investment, especially under the right circumstances. Even with minimal improvements to a home, if an area has seen an upswing in popularity, you could end up paying the price when you go to sell. 


Taxpayer Relief Act


The Taxpayer Relief Act of 1997 can help many people to hang on to the returns they see from the sale of their home. 


Previously, homeowners could qualify for a one-time tax exemption of up to $125,000 on the sale of a home. They also could combine the earnings in on the purchase of another home. Currently, there are a few ways that you can save on the Capital Gains Tax thanks to the TRA. 


House Flippers And Homeowners Aren’t Equal


Not all home sales receive an equal tax treatment. If you are flipping houses, you’re out of luck when it comes to receiving profit-friendly tax breaks. You need to have lived in a home as your primary residence for two out of five years of owning a home in order to qualify for tax breaks. If this isn’t the case, you’ll end up paying a Capital Gains Tax on the sale of the property. If you’re a professional house flipper, your homes are considered inventory and taxed as income. The tax on this can vary from 15% to 20%, depending upon the tax bracket you fall into.



The Type Of Property Matters When It Comes To Taxes


Whether the property is a primary place of residence, a vacation home, or a rental property, the gains are all taxed differently. If you own a second home that you’re interested in selling, it’s not treated the same as a primary residence for tax purposes. You’ll be taxed based on the amount of time that you owned the property, or the amount of time that the property was used as a second home. The taxes are based on a prorated amount of time.


The Price Of The Home Doesn’t Matter


You may think that higher priced homes are taxed more heavily than less expensive homes. This would be the case when it comes to property taxes, but it isn’t so when we’re talking about Capital Gains Taxes. These taxes are based on how much profit is made from the sale of the home. If a loss was taken, or the homeowner “broke even,” they may not owe as many taxes. A smaller home that had significant improvements made could be taxed a bit more than a home that was sold at a higher price with fewer upgrades.


This is a must see unit ...spectacular views of the ocean from every room in this immaculate, spacious two bedroom condo. Open floor plan with separate dining room & living room makes this the perfect unit for entertaining families and friends while watching the boats sail by. New carpet in both bedrooms. New heating unit installed in 2016. Newer hot water heater. Washer and dryer are in the unit and are included with the sale. Condo fee includes heat, hot water, water, electric, sewer, master insurance. Complex offers many resort-like amenities including a heated in-ground pool, tennis and basketball courts, large outdoor cooking area with Viking grills, exercise room, function room, sauna and more! This unit has an assigned parking space in the garage. Additional storage unit in the garage area. Conveniently located to all amenities including Webb Park, commuter boat to Boston & Logan Airport, public transportation, Hingham Shipyard, and restaurants.

More Info on this Property | New Listing Alerts


73 Broad Reach, Weymouth, MA 02191

Condo

$299,000
Price

5
Rooms
2
Beds
1
Baths
This is a must see unit ...spectacular views of the ocean from every room in this immaculate, spacious two bedroom condo. Open floor plan with separate dining room & living room makes this the perfect unit for entertaining families and friends while watching the boats sail by. New carpet in both bedrooms. New heating unit installed in 2016. Newer hot water heater. Washer and dryer are in the unit and are included with the sale. Condo fee includes heat, hot water, water, electric, sewer, master insurance. Complex offers many resort-like amenities including a heated in-ground pool, tennis and basketball courts, large outdoor cooking area with Viking grills, exercise room, function room, sauna and more! This unit has an assigned parking space in the garage. Additional storage unit in the garage area. Conveniently located to all amenities including Webb Park, commuter boat to Boston & Logan Airport, public transportation, Hingham Shipyard, and restaurants.
Open House
Sunday
October 14 at 11:00 AM to 12:30 PM
Cannot make the Open Houses?
Location: 73 Broad Reach, Weymouth, MA 02191    Get Directions

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73 Broad Reach, Weymouth, MA 02191

Condo

$299,000
Price

5
Rooms
2
Beds
1
Baths
This is a must see unit ...spectacular views of the ocean from every room in this immaculate, spacious two bedroom condo. Open floor plan with separate dining room & living room makes this the perfect unit for entertaining families and friends while watching the boats sail by. New carpet in both bedrooms. New heating unit installed in 2016. Newer hot water heater. Washer and dryer are in the unit and are included with the sale. Condo fee includes heat, hot water, water, electric, sewer, master insurance. Complex offers many resort-like amenities including a heated in-ground pool, tennis and basketball courts, large outdoor cooking area with Viking grills, exercise room, function room, sauna and more! This unit has an assigned parking space in the garage. Additional storage unit in the garage area. Conveniently located to all amenities including Webb Park, commuter boat to Boston & Logan Airport, public transportation, Hingham Shipyard, and restaurants.
Open House
No scheduled Open Houses

Similar Properties



The home selling process should be quick, particularly for those who offer great houses at competitive prices. However, problems may arise that prevent an individual from enjoying a seamless home selling experience.

When it comes to selling a house as quickly as possible, it generally is a good idea to be proactive. That way, you can resolve any potential home problems before you add your house to the real estate market. A proactive approach to selling a house also may enable you to minimize the risk of encountering time-intensive problems throughout the home selling journey.

Now, let's take a look at three tips to help you avoid delays as you sell your house.

1. Perform a House Inspection

A home inspection typically is requested by a homebuyer after his or her offer is accepted on a house. Conversely, a home seller can perform an inspection prior to listing a residence to identify home issues and fix these problems right away.

During a house inspection, a property expert will examine a residence both inside and out. He or she then will provide an inspection report that offers comprehensive insights into a residence's condition.

A home seller should assess the results of an inspection report closely. By doing so, a seller can prioritize myriad home repairs and alleviate these issues. And as a result, a seller can prevent such problems from potentially stopping a home sale at a later time.

2. Establish an Aggressive Initial Asking Price

The price that a seller sets for his or her house can have a major impact on how quickly the home selling journey progresses. If a seller establishes an aggressive initial asking price for his or her residence, this individual may boost the likelihood of a fast home selling journey.

Remember, homebuyers are searching for residences that deliver the ideal mix of quality and affordability. If you price your residence competitively based on the current housing market's conditions, homebuyers may choose to pursue your house over others that are available. Then, it may be only a matter of time before you receive multiple offers on your house that are at or above your residence's initial asking price.

3. Collaborate with a Real Estate Agent

If you're worried about encountering time-intensive problems during the house selling journey, there is no need to stress. For those who hire a real estate agent, you can get the support you need to address any potential home selling problems.

A real estate agent possesses the skills and know-how to help you simplify the home selling journey. He or she is happy to provide expert recommendations as you proceed along this journey. And if you ever have concerns or questions about selling your house, a real estate agent is ready to respond to them.

Want to accelerate the home selling journey? Use the aforementioned tips, and you can limit the risk of encountering potential hurdles that otherwise could slow you down as you sell your house.




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