So, it’s December y’all! The last month of the year. This is the month for holiday decorations, for cheer and good times, and for parties.
It’s also … the last month of the year. And even though we’d like to spend our time shopping, baking and generally enjoying our loved ones, it’s important to make sure all the year’s financial considerations have been taken care of, especially if you bought or sold a home in 2017. Read on for a few considerations in closing out the year on good financial footing!
Real Estate Gains
Most people won’t have to worry about paying taxes if you earned money from the sale of your new home. As this article points out, only gains above $250,000.00 (or $500,000.00 if you file with your spouse) require taxes to be paid. There are other rules to consider, too: your house must have been your primary residence for two to five years, for example, for the gains to be tax exempt. If there are any other complicating factors, such as divorce or inheritance, it’s very important to make sure you’ve covered all your fees and taxes. To be absolutely sure you’ve crossed all your t’s and dotted your i’s when it comes to paying taxes on real estate gains, make sure you consult with your tax professional soon!
Consider Taking a (Polar) Plunge
If you’ve been putting off buying your new home, now might be the time to jump on it. Why? Because that home could be as much as 12% cheaper now than it will be in the summer, according to this article. While there are more houses on the market in the summer, largely because families prefer to make their move in between school years, if you’ve found your perfect place in the winter, pounce on it!
Change of address!
If you moved this year, there might be a few places you overlooked while changing your address. Don’t worry, Santa will probably still find you. (He can fly all around the world in one night and get into houses without chimneys; he can find you in your new neighborhood!) But you want to be sure your 2017 W2 forms will find you, too. Here’s a change-of-address list from Moveline.com to check twice:
Your place of employment
Your financial institution
Your credit card companies
Your utilities, cable, phone and internet providers
Your doctor, dentist, optometrist and other medical professionals you see regularly
Your health insurance company
Your life insurance company
Your vision/dental/catastrophic insurance company
Your car insurance company
Your rental or home insurance company
Your child’s school
Your child’s doctor, babysitter, music instructor, and others who provide paid services
Your pet’s veterinarian and kennel
Your alma mater
Circulation departments of magazines, newspapers and catalogues you subscribe to
Anyone who may need to send you final bills or info about their professional services in your new area
Friends & family, particularly those who go through the trouble to send holiday cards and paper invitations
Now that you’ve taken care of all that, feel free to toast yourself with a bit of eggnog and get to wrapping presents! Luckily, you can re-purpose some of your moving boxes for gift boxes.
Of course, if you’re ready to start out 2018 in a new home in East Tennessee, go to DarleneReeves-Kline.com.