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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 |
What is the fastest-growing state in the U.S.?
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| A |
Nevada, for the 19th consecutive year, according to 2005 Census Bureau statistics. |
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David Witt and Kerry Cahill-DeFuccio
Weichert Realtors
9 West Main Street
Clinton, NJ 08809
Tel: 908-447-2006
Fax: 908-537-9913
Email: davidandkerry@NUMBER1EXPERT.com
David Witt and Kerry Cahill-DeFuccio share the common goal of delivering superior service to every one of our clients every time. Our unparalleled dedication to our clients� best interests, whether buying or selling a home, is what sets us apart from our competitors. In this fast changing real estate environment it is more important than ever to have the best representation possible. Contact us today so that we can show you how our award winning, top producing team can help you achieve your real estate goals.   
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