Made Money On Selling A Home? Don’t Forget To Give!

Made Money On Selling A Home?  Don’t Forget To Give!

A number of years ago my wife and I sold a home and made around $45,000 on it. Not too bad and the extra funds helped pay some debts. Being the sale of our home the capital gain (an increase in the value of a capital asset (investment or real estate)) wasn’t taxed. I had mentioned this to a friend and his question to me was, “That’s great! How much did you give to the Lord?”

The challenge to consider

Since the sale hadn’t closed we had yet to think through what we would do with all the funds. My friend probed me to think about my responsibility to give back to the Lord. Deuteronomy 8:18 says, “You shall remember the Lord your God, for it is he who gives you power to get wealth…”

When we sold our house it was clear to us that the Lord was involved. In a very real sense he gave us the power to earn the extra funds. After considering our options we gave from the funds to the Lord.

An ideal time to give

Unless you are buying houses to make money extra, funds that come from the sale of a home are a bonus.  Often the value of the home has grown and the funds are not planned. This is a perfect time to give to the Lord. Of course any time you give to charity you also receive a tax credit which can reduce or even eliminate any taxes owing from your income.

Giving wisely

If you are considering giving to the Lord’s work through the sale of your home, please contact us so we can ensure that you are making the most efficient donation. We do not charge for any of our advice and we are happy to point you in the right direction.

Disclaimer: This article provides information only and is not intended to confer legal or financial advice or opinion. If you have any further questions please consult a lawyer or accountant. Please note as well that many of the statements herein are general principles which may vary on a case by case basis.