500k exclusion for a married couple filing jointly. Did I mention my mother was an Accounting Professor at UVA first female professor at Mcintire School of Commerce my Dad was also a CPA they met working at a Big 6. And who the hell is paying 7-8% more like 5%
Right, I’m not sure if that would qualify here since you two are newly married. Has your wife even lived in the house for two years total? I know you two haven’t been married for two years. Double check with your tax preparer whoever that may be.
5% for real estate agent commission, sure, but then you have added costs on top like transfer taxes, title insurance, attorney fees, whatever repairs/updates you gotta make before listing it, etc.
In practice it’s less but good to be safe and budget conservatively. 7-8% for selling a house is reasonable estimate in my area