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For Home Sellers:
Why Sellers Choose Lori Newsom Glacking - Why home sellers in Cincinnati, Mason and Loveland choose Lori Newsom Glacking. Free Presentation - Free in-home listings presentation on marketing your Cincinnati, Mason and Loveland, in County Ohio property. Property Valuation - How much is your Cincinnati, Mason and Loveland home worth? What Did That Home Sell For? - What did that Cincinnati, Mason and Loveland, Ohio property or other real estate sell for? FSBO - Selling your Cincinnati, Mason and Loveland real estate on your own? Go to Main Sitemap - Main sitemap sections include Find Cincinnati, Mason and Loveland Homes, For Home Buyers, For Home Sellers, Cincinnati, Mason and Loveland Information, Real Estate Resources, and About Lori Newsom Glacking.
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Tax Considerations >Tax Rewards for Homeowners
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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| Q |
What little-known folk remedy is said to help keep bats away from your home?
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| A |
According to some rural homeowners, if you tar and feather a two-by-four board and place it in your yard, it will ward off bats! |
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