Selling a home or investment property is a transaction that's loaded with tax consequences. Money Girl interviews Collier Swecker, a real estate professional who's also an attorney and tax law specialist, and breaks down what you need to know.
Spring is an often-busy time for home buyers and sellers who want to make deals and moves when it’s warm outside and the school year is coming to a close. But selling a primary home or an investment property comes loaded with tax consequences.
I interviewed Collier Swecker about key tax considerations home sellers should know to pay less. He’s a founding partner of the Mega Agent real estate team at RE/MAX Advantage, recognized as RE/MAX's #1 selling team in the Birmingham, Alabama market.
Collier is a distinguished HomeLight agent, awarded for ranking in the top 1% of all agents in his area. He leads one of the most technologically advanced and forward-thinking real estate teams in Alabama.
But on top of all those accolades, Collier graduated from Auburn University with a law degree and Washington University School of Law in St. Louis with a Master of Law in Taxation. He was the principal partner in Swecker and Sparks, a law practice in Auburn, Alabama, for three years. He left the practice in 2006 to pursue a new career in real estate development and sales.
Click on the audio player above to listen to the interview. Here are some of the real estate and tax topics we cover:
- Common costly mistakes first-time home sellers make.
- How to avoid up to $500,000 in capital gains tax on a home sale.
- What to consider when selling an investment or rental property.
- Home records you should keep in order to pay less tax.
- Why paying for title insurance on a home sale is critical.
- Tips for choosing the best real estate pro to sell your property.
- Differences between selling a single-family home vs. a condo or townhouse.
Use these tips from HomeLight’s Corinne Rivera to avoid expensive tax mistakes when selling a home: