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There are always important changes happening in the real estate market, locally and nationally. These changes can affect YOU.
"A model of how the Internet can facilitate the process of deciding where to send your children to school" - America's Best School Profiles by The Heritage Foundation
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.
Pick Pina and Her Team Coldwell Banker 789 Clifton Ave Clifton, NJ 07013 973-594-4312 Fax: 973-773-5133 Pina@PickPina.com
As a real estate professional, Pina has helped many people buy or sell their homes. Being a long time resident, Pina is very knowledgeable of the market area. Finding the right person to trust with your biggest investment is important. Pina understands the needs of families in transition and her expertise will be of comfort
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