Buying a Home Requires Many Difficult Decisions. Make Sure Your Realtor is a Top Local Expert.
I KNOW the New River Valley! I WANT TO BE YOUR REPRESENTATIVE IN THE BUYING PROCESS! As one of my clients, you will receive all the information you need...when you need it...to locate, contract for and close on the property you want. From our first contact, you will be a priority and I will be available to e-mail or mail you listings, show you property and coordinate all the aspects of your purchase. I've been where you are now....my family and I moved many times while my husband was in the Marine Corps and then the U. S. Forest Service. I can identify with your need for complete service, extensive knowledge of the area and PATIENCE, NOT PRESSURE!
With the most up-to-date technology at our
disposal, we will achieve YOUR goal!
Call or email me for help, or to have your
questions answered. There are no dumb questions! Fill out this form and I'll
get right back to you...
Tax Considerations >Your Tax Free Profits
Significant tax reform legislation was signed into law with the Taxpayer Relief Act of 1997. This legislation replaced both the one-time $125,000 tax-free exclusion for homeowners aged 55 and older, and the "rollover" deferment of capital gains tax requiring the purchase of a replacement home of higher or equal cost within two years of the sale of your principal residence.
With this change, a married couple filing their taxes jointly pays capital gains taxes only on that portion of home sales profits that exceeds $500,000. Single taxpayers, heads of households, and married persons filing separately may exclude up to $250,000. The exclusion is available for all sales of homes that occurred on or after May 6, 1997. Homeowners can use this tax-free provision every two years.
You are allowed to keep these tax-free profits only if you have owned and used the home as your principal residence for two out of the five years prior to the sale of the property. Although the regulations do not require continuous occupancy, the IRS specifies that your principal residence must be the home you use for the majority of time during the year. Consult your tax advisor about your personal circumstance.
|
| Q |
What is the world's longest wall?
|
| A |
The Great Wall of China, at a length of 2,150 miles, nearly three times the length of Britain. |
 See More Real Estate Trivia > |
|
|
|
- NUMBER1EXPERT™ 
