Here’s how to save on the taxes related to selling your home. Looking to buy a home? Search All HomesLooking to sell your home? Receive a Home Value Report Our market has increased 25% over the last 12 months, which has given many homeowners the opportunity to capitalize on their homes’ equity by selling. However, the question of “What happens with my hefty tax bill?” is one we often get, and today we’re going to show you how to avoid that. There are two different ways you can get that bill lowered or eliminated: The first is section 121, which concerns your primary residence. As a single taxpayer, you can defer up to $250,000 on the sale of your primary residence. If you’re married and filing jointly, you can defer up to $500,000. The second tax break has to do with investment properties. When you sell one of those, you can use the 1031 tax-deferred exchange to take the proceeds and roll them into your next investment property. Then you can defer those capital gains taxes.  If you’re married, you can defer up to $500,000. Both of these laws can be utilized through the revenue procedure 2005-14. If you have lived in the property as your primary residence for two out of the last five years and turn it into a rental before you sell, you can take advantage of both of these tax breaks.  Keep in mind that we’re licensed agents, but we’re not licensed tax professionals. If you have any tax-related questions, we recommend reaching out to a CPA or tax attorney. If you have any other real estate-related questions, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.

Here are five reasons why you should buy luxury homes in the Black Hills. Looking to buy a home? Search All HomesLooking to sell your home? Receive a Home Value Report   Are you looking to buy luxury real estate or add to your luxury portfolio? Here are the top five reasons why you should think about buying property in the Black Hills of South Dakota: 1. Access to activities. People don’t want long drives to all the recreational areas. Out here we have thousands of miles of four-wheeling or snowmobile trails, fantastic lakes, fishing, skiing, hunting, and excellent hiking. Anything you can think of is here and right outside your back door. 2. The political climate. We’ve seen a lot of people migrate from the coasts to South Dakota because of our political climate. “If you’re looking for luxury, you need to look in the Black Hills.” 3. No state income tax. It’s cheap to license all of your vehicles here, and we’re one of the top three states in which to retire. If you buy some luxury property out here, you can rent it out and maybe retire in it one day. In the meantime, you don’t have to pay any state income tax on it. 4. Strong rentability. The mindset has shifted from affordability to profitability. The Airbnb and VRBO markets are hot, especially for the luxury market. So if you’re looking to subsidize your mortgage, look at luxury property in the Black Hills. 5. The convenience. Groceries are 10 minutes away, the schools are great, there’s nearly no crime, and no traffic. The convenience of living here is unbeatable. If you’d like to explore buying luxury real estate, we’d love to talk about it. We specialize in luxury homes, so give us a call or direct message us. We’d love to help you.

We discuss the advantages of buying now instead of waiting out this market. Looking to buy a home? Search All HomesLooking to sell your home? Receive a Home Value Report   Are you frustrated by the current housing market? Today we’re going to talk about whether you should buy now or wait. Whether you’re a buyer or seller, everybody’s frustrated trying to get into this market, but we think you should jump in now. Sellers are loving this market. They’re getting top dollar, seeing 40% appreciation over the last two years, and taking advantage of the interest rates when they go to buy. “Financially, it doesn’t make sense to wait for the market to cool.” For buyers, interest rates are under 3% right now. That’s the lowest we’ve seen in a very long time. If you don’t get into this market now and rates rise by 1%, that’ll add $350 per month to your payment in the $500,000 price range. Financially, it doesn’t make sense to wait for the market to cool. If you’re a seller thinking about upgrading, take advantage of the top-dollar prices and low interest rates. If you’re a buyer sitting on the fence, take advantage of the low interest rates. Don’t delay; give us a call or visit our website. We’d love to help you.