People borrow against their homes, spending the money and draining the equity. Then, when they sell and receive, say, $50,000 after repaying their mortgage and home equity loans, they think that’s their capital gain. But it isn’t, and sometimes their tax bill is actually much higher than that $50,000. I asked the number crunchers at the real estate website Zillow to take a look. Currently, they believe that 3.8 percent of the homes around the country are already in the tax zone for single people and that 1.2 percent have reached the threshold for married couples.
- You can make certain changes to your home without applying for planning permission under permitted development rights.
- For a unique, eclectic look, scour antique shops for hardware pieces.
- Make a small bedroom look larger by adding mirrors to plain closet doors or the back of a bedroom door.
- Eva Rosenberg, an enrolled agent who maintains the taxmama.com site, warns of a common problem she sees in states like New York and California, where prices have risen a fair bit.
The images are a mix of Taylor family members as well as the crew that worked on Home Improvement. Like most families, it can be …