Seller

January 02, 2025

If you’re planning to sell your home in Oak Harbor, understanding the tax implications can be daunting. At Team Kelli Lang, we aim to make every step of the home-selling process easier, including helping you navigate potential tax deductions. Knowing which costs are tax-deductible can save you money and help you plan strategically for the sale of your home. Here’s what you need to know.

1. Real Estate Agent Commission Fees

One of the largest deductions available to sellers is the commission paid to your real estate agent. This fee, typically a percentage of the sale price, is considered a selling expense and is fully deductible. When you work with Team Kelli Lang, you’re not only investing in top-tier service but also securing a deduction on your taxes.

2. Home Improvements for Selling

Repairs and upgrades made specifically to increase your home’s marketability may be tax-deductible. For example:

Painting the interior or exterior
Fixing a leaky roof or plumbing issues
Landscaping to boost curb appeal

Keep records of these expenses to ensure you can claim them as deductions.

3. Staging and Marketing Costs

Expenses related to staging your home or marketing it to potential buyers can also be deducted. This includes professional photography, online ads, and staging services. At Team Kelli Lang, we handle marketing your home with precision, ensuring your investment is worthwhile and deductible.

4. Legal and Escrow Fees

Certain fees paid during the closing process, such as legal or escrow fees, may be tax-deductible. These costs can add up, so it’s essential to keep detailed records of all transactions.

5. Title Insurance

If you purchased title insurance to protect the buyer or yourself during the sale, this cost might be deductible. Work with your tax professional to confirm eligibility.

6. Mortgage Interest and Property Taxes

While not exclusive to selling, mortgage interest and property taxes paid up until the sale date can often be deducted. Ensure you include these amounts when calculating your deductions.

7. Capital Gains Tax Exclusions

If your home has appreciated significantly in value, you may face capital gains taxes on the profit. However, homeowners who meet specific criteria can exclude up to:

$250,000 of gain for single filers
$500,000 of gain for married couples filing jointly

To qualify, you must have lived in the home as your primary residence for at least two of the last five years.

8. Moving Expenses

If you’re selling your home due to a job relocation, some moving expenses may be tax-deductible. While this deduction is less common, it’s worth exploring if it applies to your situation.

How Team Kelli Lang Helps You Maximize Savings

Navigating tax deductions can be complicated, but at Team Kelli Lang, we’re here to guide you every step of the way. Here’s how we can help Oak Harbor sellers:

Expert Advice: We’ll connect you with trusted tax professionals to ensure you take advantage of every deduction available.
Streamlined Process: From marketing to closing, we’ll help you track all deductible expenses.
Local Expertise: Our knowledge of the Oak Harbor market ensures you receive top-dollar for your home while minimizing costs.

Ready to Sell Your Oak Harbor Home?

Selling your home is a significant financial decision, and understanding tax deductions can make a big difference. When you work with Team Kelli Lang, you’re not just getting a real estate team—you’re gaining a partner committed to your success.