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Real Estate Tips

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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Real Estate Trivia

Q	What five basic components of a "smart home" can be controlled by technology?
A	Lighting and window treatments, security and access control, data communication, environmental/energy management, and audio/video entertainment can all be operated by a "smart home".
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Len Mailloux, REALTORŽ, real estate agent and broker for Charlottesville, Virginia home listings, property and land for sale - NUMBER1EXPERT

Len Mailloux
Better Homes and Gardens Real Estate III
500 Faulconer Dr.
Charlottesville, VA. 22903
Office : 434-984-7404
Cell: 434-981-1972
Fax: 434-984-7489
Email: lenmailloux@NUMBER1EXPERT.com
Len Mailloux is one of America's NUMBER1EXPERTSďż˝ He has been named by Unique Homes magazine as one of the top real estate professionals in the country. Len's reputation for matching people with properties, exceptional marketing and advertising strategies, knowledge of the market and love of the area are qualities upon which his clients rely. Just call or contact him by e-mail today!