Options exist to help you avoid foreclosure-including counseling, refinancing, and short sales. Purchasers of foreclosures should be aware that such homes, despite their reputation, are rarely big bargains or easy money-makers, and can be very difficult to buy.
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Welcome > Local Info >
School Information ...
Get Free Bloomington, Spencer and Indiana University School Reports From Local Experts, Quickly by Email Everyone offers free school reports. We do too! Plus we offer more. As top Bloomington, Spencer and Indiana University real estate agents, we can tell you things about the schools that no report generated by a computer will ever know. Remember, we consult with people moving to the Bloomington, Spencer and Indiana University, Indiana area on a daily basis. It's our job to know, and our job to tell you. Call us for a first-hand experience of the local schools. Or fill out this form to send us a message right now. It's free and without obligation. We'll get back to you immediately with a phone call, a free report, or a brochure from a local school... What ages are your children? We'll tell you what your choices are for schools in Bloomington, Spencer and Indiana University. It's our job to help! There's no obligation, and we promise to get back to you quickly...
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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 does the abbreviation PITI stand for?
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Principal, Interest, Taxes and Insurance are the four major items included in a monthly mortgage payment. |
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