Difference Between a Home Inspection and a Home Appraisal

When buying or selling a home, you'll likely encounter both a home inspection and a home appraisal. While these processes are essential for ensuring a smooth real estate transaction, they serve different purposes and involve unique evaluations. Understanding the differences between a home inspection and a home appraisal can help you navigate the home-buying or selling process more confidently. What Is a Home Inspection? A home inspection is an in-depth evaluation of a property’s condition. It is typically ordered by the buyer and conducted by a licensed home inspector. The goal is to identify any current or potential issues with…
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What You Need to Know About IRS Reporting When Selling Your Home

If you’re selling your home, you might be surprised to learn that certain information regarding the sale must be reported to the IRS. This requirement stems from the Tax Reform Act of 1986 and is meant to ensure compliance with tax laws and to assist the IRS with audits. To make the process easier for you, here’s a clear explanation of what to expect when selling your property: Who is Responsible for Reporting the Sale to the IRS?According to IRS guidelines, the seller’s gross proceeds from the sale must be reported on Form 1099S. But don’t worry—you don’t have to…
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