I am selling a primary residence and would like to close a deal with buyers.
There is a $20K difference between my profitable price and offer from buyers. Is there any way the deal can be structured other than seller Carey a note to have a win-win situation?
I thinking is there any potential tax benefits if price is lowered but buyers pay for closing costs etc?
Thank you in advance. Any comments, ideas will help.
Accountant · Charlotte, NC · Member since 2018 · 29 posts · 21 votes
6y
@Joe Frank Losses from the sale of personal–use property, such as your home or car, are not deductible. It is not eligible for the capital gains loss of up to $3,000 annually. Sec. 121 is a great means to exclude gains on selling your primary residence. It allows $250,000 for single and $500,000 for married filing jointly on gains. So I think it will be more tax beneficial if you can settle with a profitable price.