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Why Sellers Choose Kathy Wilhelm - Why home sellers in Crestview, Eglin AFB, and Duke Field choose Kathy Wilhelm. Free Presentation - Free in-home listings presentation on marketing your Crestview, Eglin AFB, and Duke Field, in Okaloosa County Florida property. Property Valuation - How much is your Crestview, Eglin AFB, and Duke Field home worth? What Did That Home Sell For? - What did that Crestview, Eglin AFB, and Duke Field, Florida property or other real estate sell for? FSBO - Selling your Crestview, Eglin AFB, and Duke Field real estate on your own? Go to Main Sitemap - Main sitemap sections include Find Crestview, Eglin AFB, and Duke Field Homes, For Home Buyers, For Home Sellers, Crestview, Eglin AFB, and Duke Field Information, Real Estate Resources, and About Kathy Wilhelm.
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Tax Considerations >Taxable Profits
If you are thinking of selling your home and your house has risen in value since you purchased it, or you have accumulated a lot of deferred profit from previous sales, the Taxpayer Relief Act passed in 1997 could be of tremendous value.
Prior to this law, when a homeowner moved to a smaller home, relocated to a less costly area, or made a decision to rent, they were left with unfavorable tax consequences. The old tax law allowed people who sold their homes to defer tax on any profit by buying a replacement home of at least equal value within two years. At age 55, they could permanently escape tax on up to $125,000 of profit, but any profit in excess of that amount was taxable unless a new home was bought.
The good news is that with homes sold after May 6, 1997, homeowners can make as much as $500,000 tax-free profits on the sale of a principal residence for joint filers or $250,000 for single filers. The $500,000 capital gains exclusion removed taxes as a consideration for most home sellers by giving them flexibility to trade up or down. It has also allowed homeowners to preserve the savings value of a home when they sell, provided they use the property as their principal residence for two of the prior five years prior to the sale.
Consult your tax advisor for your particular circumstance.
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| Q |
Which city in the U.S. has the longest formal name, but the shortest abbreviated name?
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| A |
El Pueblo de Nuestra Senora la Reina de los Angeles de la Porciuncula is the full name for Los Angeles, known as "LA". |
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