We’re all aware that there’s no shortage
of home-sellers on the market and they all want to know how to beat out their
competition to be the home that sells.  If you want to enter the arena, you
simply have to be the best of show.  Be ready to face the challenges right out
of the gate so you can prevent costly mistakes.  This is one of your most
precious life investments.  Make time to prepare for the perfect sale and
schedule an appointment with your Columbia Missouri Real Estate Resource; Bev
Curtis & Associates.

You need someone who understands the
concerns sellers are faced with today… Low ball offers, failed sales, expired
listings and choosing the right Realtor.  We understand.

Until
we meet, here are some things to consider that are in your control:

• How much is your home worth?
  Pricing a home is part art and part science.  It’s a combination marrying
  analytical statistics to emotional appeal and market movement.  If you’re a
  serious seller, you do not want to overprice your home or try to “test the
  market.”  Not today.  Your Columbia
  Missouri Real Estate Resource, Bev Curtis & Associates can show you
  the best marketability and pricing strategy that’s working in today’s
  market.

• Evaluate the condition of your
  property; inside and out.  Some factors like physical features are
  beyond your control; however, little things like cleaning out closets and a
  changing the lime green paint to a neutral color can go a long way in your
  effort to sell your home.  Remember, the way you live in your home and
  the way you sell your home are two different things.

• Consider your promotional strategy
  and the ease of showing your home.  Although buyers should not expect
  you to leave your home at 10pm for a showing, it is important that you are
  flexible with showings and other agents.  The more qualified buyers we
  get in your home, the faster we can sell it.

Effective marketing is more than
sticking a sign in the yard. Being a successful seller’s agent,
we utilize advanced marketing techniques to draw the largest pool of buyers.
Today, nearly 90% of home buyers are using the web to search for homes.
Our online presence is dominant and
when buyers show up on your doorstep, we know how to create a magical experience
that will encourage that buyer to want to make an offer on your home.

Almost every home buyer will get a home
inspection before committing to buy your home. You can help the process move
more smoothly by preparing for the home inspector and making minor repairs
beforehand.  No home is perfect, not even new homes; however, buyers may offer
less for a home if defects are discovered.  Start eliminating potential
obstacles now by discussing your homes marketability with your Columbia Missouri
Real Estate Resource, Bev Curtis & Associates.

You may qualify to exclude from your income all or part of any gain from the
sale of your main home. Your main home is the one in which you live most of the
time.

Ownership and Use Tests

To claim the exclusion, you must meet the ownership and use tests. This means
that during the 5-year period ending on the date of the sale, you must have:

• Owned the home for at least two years (the ownership test)
• Lived in the home as your main home for at least two years (the use
  test)

Gain

If you have a gain from the sale of your main home, you may be able to
exclude up to $250,000 of the gain from your income ($500,000 on a joint return
in most cases).

• If you can exclude all of the gain, you do not need to report the sale
  on your tax return
• If you have gain that cannot be excluded, it is taxable. Report it on
  Schedule D (Form 1040)

Loss

You cannot deduct a loss from the sale of your main home.

Worksheets

Worksheets are included in Publication 523, Selling Your Home, to help you
figure the:

• Adjusted basis of the home you sold
• Gain (or loss) on the sale
• Gain that you can exclude

Reporting the Sale

Do not report the sale of your main home on your tax return unless you have a
gain and at least part of it is taxable. Report any taxable gain on Schedule D
(Form 1040).

More Than One Home

If you have more than one home, you can exclude gain only from the sale of
your main home. You must pay tax on the gain from selling any other home. If you
have two homes and live in both of them, your main home is ordinarily the one
you live in most of the time.

Example One:

You own and live in a house in the city. You also own a beach house, which
you use during the summer months. The house in the city is your main home; the
beach house is not.

Example Two:

You own a house, but you live in another house that you rent. The rented
house is your main home.

Business Use or Rental of Home

You may be able to exclude your gain from the sale of a home that you have
used for business or to produce rental income. But you must meet the ownership
and use tests.

Example:

On May 30, 1997, Amy bought a house. She moved in on that date and lived in
it until May 31, 1999, when she moved out of the house and put it up for rent.
The house was rented from June 1, 1999, to March 31, 2001. Amy moved back into
the house on April 1, 2001, and lived there until she sold it on January 31,
2003. During the 5-year period ending on the date of the sale (February 1, 1998
- January 31, 2003), Amy owned and lived in the house for more than 2 years as
shown in the table below.

Amy can exclude gain up to $250,000. However, she cannot exclude the part of
the gain equal to the depreciation she claimed for renting the house.