By Ivette Carrasco, CPA, Tax Manager
ASL Real Estate Group

There are different tax treatments to consider when selling your real estate property. The property can be classified as a primary residence, a real estate rental, an investment property, or a second home/vacation rental. The applicable tax consequences on the sale of a property depends on how the asset was classified in the current and prior tax years. It is important for real estate owners to be aware of the various tax implications that a real estate sale can trigger. (more…)