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Buyers Want Your Home for as Little as Possible.
Are you thinking of selling your home? You should know exactly what it's worth before making such an important decision.
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Trust Patty with Your Referrals!! You can trust Patty with your important referrals – homebuyers, sellers, corporate relocations. Patty has a great track record of success as a top producer, and has the team in place to take care of your client every time. She has the experience you are looking for, and the print and web-based marketing programs to help your homeowners today. Why send a referral to anyone other than the best? This can only reflect positively on you. Grow your business by using a proven professional in Central Indiana and Eastern Illinois – residential, commercial, land and multi-family dwellings. Your clients will be happy and this will lead to even more referrals for you. Patty’s team of listing, courier and marketing professionals will simplify the process of buying or selling a home for your client so that you can rest easy. Think about it.
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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.
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What home product makes lawn mowing easier than ever?
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The Robomow, a robot lawn mower manufactured in the UK by Friendly Machines, can cut 6,000 square yards of lawn all by itself. |
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