First Thing To Do When Relocating For A New Job
Got a new job in a new location?
When you are relocating to another city for a new job, the first thing you should do is to get professional advice from two important people, a professional realtor and a tax expert.
Your realtor will go to work to market your current home to get it sold in a timely manner and will put you in touch with a realtor in your new city.
Your tax advisor can tell you what moving expenses you can deduct from your income tax liability and can go over the current capital gains implications.
(Publication 521 from the Internal Revenue Service can provide you with up-to-date changes in deductions allowed for moving expenses.)
The laws are very complicated and are always changing, Depending on your individual situation, the tax implications could have an impact on what you can afford to spend on your new home.
When Congress is at work, it is impossible to know exactly how this will impact home owners. You don’t need a crystal ball to know that there are bound to be changes.
Stay alert and informed. Talk to your realtor and your tax advisor before you make your move.
Your Fort Myers REALTOR,
Bob Lewis
RE/MAX Realty Group II
PS: It’s also a good idea to get pre-approved for a mortgage so you know how much house you can afford before you start looking.
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