Closing before year-end has tax implications. Here's what to consider.
Many buyers want to close before December 31 for tax deductions. Mortgage interest and property taxes paid in the year of purchase are deductible. If you're closing in December, you'll get a partial year deduction. Sellers should understand capital gains implications—if you've owned the home 2+ years, you may qualify for capital gains exclusion (up to $250K single, $500K married). Work with a tax professional to understand your specific situation. Timing can impact your tax liability significantly.
Southern California's real estate market continues to evolve, and having an experienced local agent by your side makes all the difference. Whether you're a first-time buyer or a seasoned investor, National Realty Group's team of over 60 licensed agents is here to guide you every step of the way.
What is the bottom line for Southern California buyers and sellers?
The Southern California real estate market rewards those who are prepared and well-advised. If you have questions about buying, selling, or financing a home in Riverside, Temecula, San Diego, or any of the communities we serve, contact our team.
