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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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Why Sellers Choose Lynne Tate - Why home sellers in South Padre Island, Port Isabel and Laguna Vista choose Lynne Tate. Free Presentation - Free in-home listings presentation on marketing your South Padre Island, Port Isabel and Laguna Vista, in Cameron County Texas property. Property Valuation - How much is your South Padre Island, Port Isabel and Laguna Vista home worth? What Did That Home Sell For? - What did that South Padre Island, Port Isabel and Laguna Vista, Texas property or other real estate sell for? FSBO - Selling your South Padre Island, Port Isabel and Laguna Vista real estate on your own? Go to Main Sitemap - Main sitemap sections include Find South Padre Island, Port Isabel and Laguna Vista Homes, For Home Buyers, For Home Sellers, South Padre Island, Port Isabel and Laguna Vista Information, Real Estate Resources, and About Lynne Tate.
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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 |
Over what famous building is aircraft forbidden to fly at any time?
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| A |
No aircraft is permitted to fly over the Taj Mahal in India. |
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