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Tax Considerations >Taxpayer Relief
Legislation included in the 1997 federal budget made significant changes that improve a homeowner's ability to profit from the sale of real estate.
The capital gains tax exclusions on the sale of a principal residence is just one of several benefits for homeowners. When you sell a home you have owned and use for two of the five years prior to the sale, married couples are allowed to keep up to $500,000 in tax-free profits and taxpayers filing as singles can keep up to $250,000 before paying capital gains tax.
Long-term capital gain is also taxed at lower rates as a result of the Jobs and Growth Tax Relief Reconciliation Act passed in 2003. The maximum capital gains tax rates dropped from 20% to 15% and from 10% to 5%, effective for sales and exchanges taking place on or after May 6, 2003 and through December 31, 2007. In 2008 the 15% rate continues for higher income taxpayers, while the 5% rate for lower income taxpayers drops to 0%, but only for the 2008 tax year. On January 1, 2009, the 10% and 20% rates will be reinstated.
Consult your tax advisor for advice regarding your particular circumstance.
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What is the only land in the world that has not been walked on by human feet?
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A small 200 square-mile section of Antarctica is the only terrain on Earth that not one person has stepped foot on.
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The Christy Grear Team
HER Real Living
5725 Perimeter
Dublin, OH. 43017
Phone: 614-336-7510
Fax: 614-474-1424
Email: christygrear@NUMBER1EXPERT.com
This innovative web site will provide you with the most comprehensive information available in today's Real Estate Market. My name is Christy Grear and my team is dedicated to providing quality service. I have been selling real estate full time for over 6 years and my team has closed over 17.5 Million Dollars in Residential Sales. By virtue of being recognized as one of the top-ranked teams year after year, focusing on Dublin, Powell, Hilliard and Southeastern Delaware County, we feel we will be able to offer you, as our friends and clients, a more personalized, specialized service. Our job is to continually learn, grow and fine tune our strengths so our clients can benefit from our knowledge and expertise. Our dedicated customer service, creative flair, advanced technology and industry knowledge will provide you with the best real estate experience. Browse our website and call us directly at 614-366-7510."   
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