This time of year we are busy meeting with taxpayers, business owners and real estate owners, and it is very interesting to hear their battle stories and predictions for the economy ahead.

One common story that we hear, but more so this year, is that people are taking emergency money from their 401k’s and IRA’s to cover their monthly expenses for bills, mortgages, etc.

While most of the time, it is not a large amount, it is still indicative of a bigger problem. Is it time to sell your home?

Before we answer that, we need to deal with the problem at hand.

IF you took a early withdrawal from your retirement account you could face Federal and State penalties and taxes on the distribution. Contact your Tax Advisor immediately to discuss strategies to avoid the penalties (i.e. financial hardship, etc.) and prepare for the tax impact.

Back to the bigger problem; is it time to Sell your Home?

Thanks to inflation and rising interest rates, many households are making the most money ever, but still struggling to pay bills and the mortgage. On top of that, the housing market is indicating a top forming (California), and other areas are already experiencing rapid declines in the housing and rental markets (Arizona, Nevada, Oregon, Washington, Idaho, Wyoming, Texas, Florida). What to do o what to do….is it time to sell your home?

This article will not read like tea leaves telling the future, but, if you want to sell your home, contact us right away to go over our expert Tax and Selling Strategies. FREE intro consult for new customers.

Our team of licensed Tax and Real Estate Professionals can work with you in any U.S. State; we are here to help you today!
800-425-0570 (United States toll-free)

• Tax Strategies to Avoid or Reduce Taxes on the Sale
  • Sale of Primary
  • Sale of Investment Property
  • Sale of Vacant Land
  • Sale of Improved Land (solar, cell, agriculture, aquaculture, mining, RV Park, etc.)
  • Charitable Conservation Contributions
    
• Selling Strategies for a Successful Transaction
  • How to Negotiate the Highest Sales Price for your home
  • How to Mitigate Buyer Claims and Reduce Seller Credits