Halloween may have just passed, but don’t let your guard down—property tax deadlines can creep up when you least expect them! With the first installment due November 1st, now’s the time to handle those payments before you’re haunted by penalties. If you miss the December 10th deadline, you’ll be in for a frightful 10% late fee—no tricks, just a costly reminder to get your finances in order before those fees start lurking.
If your tax bill has not arrived by early November, it's crucial not to let it slip from your attention. Don't hesitate to reach out to your county tax collector—it's a great way to make sure all your details are accurate and current. Taking this proactive step can save you from any surprise headaches later on. So, grab a calendar, mark those important deadlines, and set some reminders to keep yourself organized. You definitely want to avoid late fees, especially with the holiday season approaching and all the expenses that come with it!

If you turn a profit by selling your home, the first $250,000 of that profit will be excluded from your taxable income. (That’s per owner. So for a co-owning couple the first $500K would be excluded).  Yay! But what about if you rented it out for a while before selling?  If you lived in the house for two out of the five years before the sale, the exclusion will still stand.  Any profit above that exclusion will be taxed at capital gains rate.  

(Renting property triggers other tax rules, though, so you may want to consult a tax professional.)

A large profit could affect you in ways other than taxation, though.  For example if you are a Medicare recipient, your premium might temporarily go up if your profit exceeds the exclusion amount. This is because individuals who earn more than $87K per year (or married couples who earn more than $174K) are subject to an income-related “monthly adjustment”.  So again, it’s best to seek out a tax professional:  He or she might be able to structure the sale to lessen the impact on your income in that year.

For more information, read Liz Weston’s complete article:

Q&A: Avoiding capital gains