Myrtle Beach Real Estate Blog

How Do Capital Gains Affect the Home Selling Process?

The Impact of Selling a Home on the Capital Gains TaxSelling a home often returns a big profit, which might be subject to capital gains taxes. With this guide, sellers can begin to understand the rules of capital gains taxes and whether or not they may be required to pay them. Is the sale of a house a capital gain? Be sure to consult with a financial expert or real estate agent when selling a property for more help understanding what tax implications of selling a house can apply to a specific home sale.

How Do Capital Gains Taxes Work?

When selling a piece of property, the Internal Revenue Service (IRS) may have a stake in your profit. The profits earned from the sale of property are known as capital gains. Most people who do not own businesses seldom deal with capital gains taxes outside of the sale of a home. The reason is that many personal belongings that can be sold to another person, such as a car, are items that do not appreciate over time. Since homes have the ability to increase in value over time, individuals may have to settle capital gains on the sale.

When Do People Owe Capital Gains Taxes?

The good news is that there is an option for most sellers to exclude much or all of their capital gains from their taxes during tax season. This is called a capital gain exclusion and can help sellers avoid capital gain taxes. Capital gains refer to the difference between what was paid for the home and its current sale price. This means that the difference is the only thing that needs to be considered...

How to Choose an Interior Paint Color

Choosing an Interior Wall ColorWhen preparing a home for sale, it is best to paint interior walls a neutral color, with off-white being the most popular. However, if a buyer has just bought a house and is making it their own, or they are just ready for a change in décor, there is a world of colorful possibilities.

Light vs. Dark Colors

There are good reasons why sellers paint rooms off-white, and these are as true in Myrtle Beach as they are anywhere else. It is unobtrusive, allowing potential buyers to more easily envision the space as their own. But light colors also make spaces look bigger, and buyers are always in the market for more space. If a space feels cramped, keep the paint light to open it up.

However, openness is not always the desired impression. Sometimes small and cozy is what is called for. For these rooms, use darker colors.

Sometimes, rooms are just shaped weird, but clever use of color can help visually downplay it. If a room is overly long, paint the long walls something light and the short walls something darker. This causes the width to expand and the length to narrow, presenting a more proportioned room.

From Floor to Ceiling, Dark to Light

The desire for space is also the reason why nearly every home has its ceilings painted white. If it was dark, it would be smothering.

As a general rule, a room should transition from dark to light as it moves from floor to ceiling. Flooring, therefore, should be the darkest element in the room. The walls are lighter, and the ceiling is white.

Cool vs....