Selling a Tampa Bay Area Home Has Tax Consequences

For every buyer of a home, there also has to be a seller. This is just as true for those in the Tampa Bay area as it is for anywhere else. And also true is that selling a home may affect your tax liabilities. This is where working with local carpet stores can actually make a difference.

In a recent post by Nerd Wallet, much information on how selling a home can affect taxes revealed some interesting facts:

“Whether you need to relocate, want a bigger or smaller space, or feel it makes financial sense, selling your home is a big decision. It can also have significant tax consequences.

Here are three ways selling your home can impact your tax liability:
1. Realized gain

Realized gain is the profit you make from selling an asset, such as your home — and it can be taxable…”

Source: 3 Tax Considerations When Selling Your Home by Forrest Baumhover.

The articles goes into a variety of details, but the detail that matters when it comes to our purposes is the “selling price” part of the equation. We all know that a higher price is advantageous and there are some very affordable ways to help bring up a selling price. New flooring from a local carpet store such as Bob’s Carpet Mart and Flooring is not only cost-effective, but also brings new life to even the oldest rooms.

One of the things to keep in mind, however, is that not all carpet stores in the Tampa Bay area are the same. Homeowners will want to have a nice selection of quality flooring from which to choose. They also want to know that the flooring installation provided by those carpet stores will be professional and finished on time. And, they also want to know that their carpet store is offering the best in prices.

Selling a home can be challenging these days in this slow housing market, but by making your for-sale home more attractive with new flooring, you can stand out above the rest. Those who are looking to buy a home always appreciate enhancements and improvements that are already in place. Let’s face it, while the new flooring may increase your asking price, it saves the new buyer from having to get this done later. And nothing can showcase a room, or entire home, the way new flooring can.

If you are selling your home, or simply want to bring in a new fresh look to a home you plan to keep, contact Bob’s Carpet Mart and Flooring; they have 15 carpet stores located in and around the Tampa Bay area, all ready to serve you and answer any questions you may have on flooring.