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Real Estate Tips
Tax Considerations >Tax Implications of Selling Your House

Most of my clients profit from selling their homes, and they often have questions about capital gains tax. When you sell your primary residence, you are not taxed on your profit if (1) you have lived in the home for two out of the last five years and (2) your gain does not exceed $250,000 as a single taxpayer or $500,000 as a married couple filing jointly. Gains above these limits are taxed at the current rate of 15% for higher income taxpayers and 5% for lower income taxpayers. In 2008 the 15% rate will continue for higher income taxpayers; while the 5% lower income rate will drop to 0% for the 2008 tax year only. On January 1, 2009, the long-term capital gains tax rates will once again be 15% and 5% through 2010. Homeowners can use this tax-free provision every two years. As set forth in the American Job Creation Act of 2004, properties converted from a 1031 exchange property into a primary residence must be held and used as a primary residence for at least five years to qualify for the tax exemption. Consult your tax accountant for more detailed information regarding your particular circumstance.

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Real Estate Trivia
Q 
In what real estate market are more than 90 percent of home sales cash transactions?

A 
Palm Beach, home to princes, politicians, and CEOs, has homes from 2,000 sq.ft. condos to 56,000 sq.ft. estates.
See More Real Estate Trivia >


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The Jeanne Walters Team, REALTOR®, real estate agent and broker for Bloomington, Spencer and Indiana University, Indiana home listings, property and land for sale - NUMBER1EXPERT

The Jeanne Walters Team
Jeanne Walters Real Estate

107 E 6th Street
Bloomington, IN 47408
Tel: (812) 331-8951
Fax: (812) 331-7532
Toll Free : (866) 877-6677
Email: info@JeanneWalters.com

I truly love my work and consider myself extremely fortunate to be associated with fine colleagues. I enjoy my clients as well and value the opportunity to play a part in important times of their lives. Since 1982 I have completed designations for GRI, CRS, ABR and many fascinating real estate classes.

GRI CRS ABR SRES wcr Equal Housing MLS REALTOR


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