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Now is when the housing market heats up, as home sales generally peak in May and June. According to an ATTOM Data Solutions report, in the United States, June 28 is the best single day to sell your home, with an average price premium of over 9% for homes sold on that day. Even if you don’t sell your home within that window, you may still be able to take advantage of a tax break and reduce your freelance tax burden this tax year. This is because the IRS allows gains made on a home sale to be excluded in all or part from your taxable income if these rules are followed:
Keep in mind that there are some exceptions to these rules for some people with disabilities and specific members of the military, intelligence community and Peace Corps workers. However, if you are selling a home at any time this year, be sure to use this tax break to lower your freelance tax burden! Jonathan Medows is a New York City based CPA who specializes in taxes and business issues for freelancers and self-employed individuals across the country. He offers a free consultation to members of Freelancer’s Union* and a monthly email newsletter covering tax, accounting and business issues to freelancers on his website, www.cpaforfreelancers.com — which also features a new blog, how-to articles, and a comprehensive freelance tax guide. *Jonathan is happy to provide an initial consultation to freelancers. To qualify for a free consultation you must be a member of the Freelancers Union and mention this article upon contacting him. Please note that this offer is not available March 1 through April 18 and covers a general conversation about tax responsibilities of a freelancer and potential deductions. These meetings do not include review of self-prepared documents, review of self-prepared tax returns, or the review of the work of other preparers. The free meeting does not include the preparation or review of quantitative calculations of any sort. He is happy to provide such services but would need to charge an hourly rate for his time. via Freelancers Union Blog https://blog.freelancersunion.org/2019/05/29/selling-your-home-could-reduce-your-freelance-taxes/
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AuthorI have 5+ years experience working as a medical transcriptionist. When I am not working, I enjoy sports like playing basketball or judo. I love making friends and connections. Archives
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