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There are always important changes happening in the real estate market, locally and nationally. These changes can affect YOU.
The Federal Tax Code has significantly improved the American taxpayer's ability to profit by selling a principal residence. Prior to 1997, homeowners could take advantage of a tax benefit termed the "rollover", which granted exemption from capital gains taxes on the net profit from the sale of a home. Homeowners who used profits to purchase a bigger and better home did not have to pay tax. And homeowners over the age of 55 were given a once-in-a-lifetime exclusion from taxes on profits of up to $125,000 on the sale of their principal residence.
Compare those tax breaks with our current, streamlined and potentially more profitable arrangement that replaced both the rollover and the one-time exemption. If you are a married home-seller filing jointly, you may enjoy up to $500,000 in tax-free home sale profits, provided you have occupied the property as your principal residence during two of the last five years. Taxpayers who file singly get a $250,000 capital gains exclusion. Homeowners are eligible to exclude capital gains on the sale of a principal residence as often as once every two years.
The law allows capital gain exclusions whether you "buy up" to a more expensive home or "buy down" to a less expensive one. The tax-free dollars can be used in any way you want. Consult your tax advisor for detailed advice about your particular circumstance.
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ERA Absolute Realty ERA Absolute Realty 1600 Jersey Avenue North Brunswick, NJ 08902 Office: 732-220-6611 Fax: 732-220-1451 centralnjhome@NUMBER1EXPERT.com
Scott says to expect surprises and in fact he plans to WOW you at least 3 times during your home purchase or home sale. Come inside and take a look at the buyer and seller sections of his web site. Enjoy your stay! Service is what you expect and results are what you get when you call Scott Lauri. As one of Central New Jersey's top agents and one of America's NUMBER1EXPERTS in the Central New Jersey area, Scott is well equipped to guide you though all your real estate needs. Call or email him today!
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