By Sidney Kess, James R. Grimaldi, James A.J. Revels, and Thomas K. Lauletta
CPA Journal
October 2018 Issue
Buying or selling a home is one of the most significant financial transactions many individuals engage in. The authors examine the various ways in which CPA financial advisors can guide different kinds of potential home buyers and sellers through the process and the myriad tax implications of home sales and purchases. Changes made by the Tax Cuts and Jobs Act of 2017 (TCJA) probably won’t be a deal breaker for many prospective residential sales or purchases, but these changes should be considered and are discussed throughout this article.
According to the National Association of Realtors, the median sales price of an existing single family home was $267,500 in May 2018, representing a major financial event for the average individual. CPA financial advisors can provide valuable suggestions to home sellers during such transactions, helping them lower the resulting tax obligation or avoid taxation altogether.
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Published with permission from the CPA Journal.
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