Home Sale Profits? Watch Your Taxes!

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In today's housing market, with prices still strong in parts of the country, people continue to search for fixer-uppers to buy. There are two reasons to buy a house that's in less than perfect shape: Either to fix it up and move in, or to fix it up and sell it for as big a profit as possible.

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There are plenty of lenders who will help you get the mortgage to both buy this type of house and to fix it up. Before you do, however, make sure that you understand the income tax rules and regulations that will apply if and when you sell the property.

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If this will be your only home and you will live in it during the rehab, you can get a normal mortgage. In fact, the FHA offers special Á-°fixer-upperÁ-? or rehabilitation mortgages. Often referred to as 203(k) loans, they will let you finance both the cost of the home and the cost of fixing it up. You can even use a 203(k) loan to convert a single-family home into a duplex, triplex or four-plex.

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With a 203(k) mortgage, you can either hire a contractor to do the work, or do it yourself. In fact, many people see the phrases Á-°some work required,Á-? Á-°needs refurbishing,Á-? or Á-°home handyman specialÁ-? as an opportunity to add tens of thousands of dollars to the value of the home through Á-°sweat equityÁ-? — meaning they do the work themselves.á=á=

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