|
All agents are NOT alike! Find out why I am a top real estate expert. Call me: 973-509-3015.
|
Get Free Presentation On My Home Marketing.
Before signing a contract with any REALTORŪ, make sure you know EXACTLY how your home will be marketed.
Find Out More >
View All Offers >
|
 Compare three mortgages at one time.
Download TripleCalc now. It's free. |
|
|
 |
Special Offers From Me To You! Just for you, I've assembled some Special Offers. Choose one or all!  
|
Tax Considerations >Taxpayer Relief
Legislation included in the 1997 federal budget made significant changes that improve a homeowner's ability to profit from the sale of real estate.
The capital gains tax exclusions on the sale of a principal residence is just one of several benefits for homeowners. When you sell a home you have owned and use for two of the five years prior to the sale, married couples are allowed to keep up to $500,000 in tax-free profits and taxpayers filing as singles can keep up to $250,000 before paying capital gains tax.
Long-term capital gain is also taxed at lower rates as a result of the Jobs and Growth Tax Relief Reconciliation Act passed in 2003. The maximum capital gains tax rates dropped from 20% to 15% and from 10% to 5%, effective for sales and exchanges taking place on or after May 6, 2003 and through December 31, 2007. In 2008 the 15% rate continues for higher income taxpayers, while the 5% rate for lower income taxpayers drops to 0%, but only for the 2008 tax year. On January 1, 2009, the 10% and 20% rates will be reinstated.
Consult your tax advisor for advice regarding your particular circumstance.
|
|
| Q |
Fewer than 2 percent of homeowners build this type of home:
|
| A |
Fewer than 2 percent build a custom home; most buy an older home or select from a home builder's menu. |
 See More Real Estate Trivia > |
|
|
|
|
- NUMBER1EXPERT™ 
