Military Relocation – Selling Your House In El Paso
When faced with cross-country PCS orders, selling your beloved home can quickly become overwhelming.
This guide will help you create a real estate plan to ease the stress of selling your home under these time constraints. Here are your options:
- Hire an Experienced Real Estate Agent – Having a professional on your side can mean getting top dollar for your home and having a smoother process overall. However, this option can be time-consuming and require a lot of attention and effort.
If you’re in a hurry, look for an agent with a low “Days on Market” (DOM) record. This could indicate that they have a better chance of selling your home quickly.
- Connect with a Cash Buyer – If time is of the essence, selling off-market to a cash buyer may be your best bet. This option provides more flexibility and eliminates the risk of a buyer’s financing falling through.
Keep in mind, not all cash buyers are the same. Some may want to rent out your property, others to renovate and flip it, and there are even high-tech iBuyers in the mix. It’s important to find the right buyer for your home based on factors like its condition, location, and price point.
At Level Cash Home Offer, you can request an all-cash offer and receive a competitive bid in as little as 12 hours, with the ability to close the sale in just 7 days. The Simple Buying Process makes it easy to find the right solution for your home sale needs.
Unlock Your Military Tax Benefits
When it comes to selling your primary home, U.S. tax laws have a special treat for homeowners. With the exclusion of up to $250,000 ($500,000 for joint filers), most sellers won’t have to pay capital gains taxes. To take advantage of this benefit, civilian sellers must meet two conditions: owning the property for at least two years and residing in it for two of the previous five years.
However, for military members who are forced to relocate due to a permanent change of station, these requirements can be challenging. That’s why the IRS has created special tax rules just for you. According to the IRS Armed Forces’ Tax Guide, if you don’t qualify for the ownership and use tests, you can still exclude gain, although the cap may be reduced. Plus, you can pause the 5-year test period to meet the use test – with a few restrictions, of course. You’re only eligible for one property at a time and the total exclusion limit is 10 years.
Don’t miss out on these great tax relief opportunities! We recommend talking to a real estate attorney or financial advisor for a complete picture. You may also be eligible for property tax exemptions for veterans with disability ratings in your state. And don’t forget, if you didn’t use military allowances to cover your PCS moving expenses, you can deduct them from your federal income tax return.
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