All Forum Posts by: Priya Daftary

Hello,

I am in the process of selling my home and was completing seller disclosures. There were couple of questions that talk about disclosing significant defects  and water intrusion. Questions are pasted below:

1. Water intrusion into any part of any physical structure on the Property; leaks from or in any appliance, pipe, slab or roof; standing water, drainage, flooding, underground water, moisture, water-related soil settling or slippage, on or affecting the Property? - 

Is this asking more around more frequent issues or even if I had one time thing - I had a water leak in one of the bathrooms which seeped through the ceiling and caused some ceiling damage. Fixed the leak and the ceiling and brought the ceiling back to previous condition. Do I need to disclose that?

2.  Defects in any of the following, (including past defects that have been repaired): heating, air conditioning, electrical, plumbing (including the presence of polybutylene pipes), water, sewer, waste disposal or septic system, sump pumps, well, roof, gutters, chimney, fireplace, foundation, crawl space, attic, soil, grading, drainage, retaining walls, interior or exterior doors, windows, walls, ceilings, floors or appliances

• There are so many small repairs we do all the time. How do I decide what to include and what to omit?

Any guidance in this area is greatly appreciated.

Thanks.

Priya

Thank you @Alex Olson @Wayne Brooks @Anthony Dooley

I moved out of my primary home back in mid July 2017. I had rented that house for the last 2.5 years and ready to sell it now to take benefit of the tax break. As per tax laws, I need to close the sale by mid July 2020 to get the $500k(between my spouse and me) benefit. I have two questions :

1. How does IRS calculate the exact dates of the moving out? I am trying to find out what is my cut off to close the sale of the house.

2. Does COVID pandemic allow me an extension to sell the home later in the year and still enjoy the tax benefit? Considering the market conditions I will either have to sell the house at a lower price or might not even get a buyer. Any advice on how to manage around these conditions is appreciated.

Thank you.

Priya