"I went to Trisha with a list of things we needed to have in a residence for my mother who was relocating here.
My mother being an older person, we were looking for one level living with no stairs, handicap bathroom and close to services she will need.
Trisha found the perfect house and made it easy for us. She took us through the complete process with very little effort on our part.
She was very good explaining things to my mother in a way she understood. I highly recommend her for all of your real estate needs , you will have a friend in the end."
Mon, Mar 11, 2013
Ktompers Client, Buyer
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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.
What is currently the most technologically advanced way to vacuum your home?
The self-propelling Dyson DC06 scans and maps a room with sensors and is controlled by built-in computers that prevent it from falling downstairs.
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