Home Sellers & Taxes

Well the time for home sellers that are in process or have already sold to  think about taxes. Northeast Los Angeles has a wide range of home sellers from the pricy areas of Los Feliz, Silver Lake and Mt. Washington to the more affordable El Sereno and Echo Park communities.

Here are just a few home seller tips to keep in mind;

Despite uncertainty over how Congress will act, some changes are clear. Standard deductions will rise (amounts have not been announced).

The personal exemption will increase, reportedly to $3,900, in 2013 from $3,800 this year.

There will be a higher threshold on medical deductions, meaning it will be harder to qualify. You’ll only be allowed to deduct medical expenses that exceed 10 percent of your adjusted gross income (up from 7.5 percent in 2012). However, if you are 65 or older, the threshold will remain at 7.5 percent.

 


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