Homes For Sale
Farms & Farmettes
Residential Income Properties
Tax Benefits of Home Ownership
The tax laws beginning in 1998 and in some cases a little earlier have changed in regards to homeownership and the previous requirement to reinvest profits from the sale of a principal residence.
The new law allows for married taxpayers filing a joint return to exclude up to $500,000 of gain on the sale of their principal residence. Single taxpayers can exclude up to $250,000 of gain.
To Qualify for the exclusion, homeowners must have lived in
and used the home as their primary residence for TWO OUT OF THE PRECEDING
FIVE YEARS. Homeowners are allowed to take the exclusion
This is a significant change in the tax law.
EMPTY NESTERS & RETIREES
SINGLES 55 Or OLDER
There are many changes that could significantly affect 'do it yourself' fixer-uppers and owners of second homes or rental properties.
CAUTION: Before you make any financial decisions based on tax laws, consult an expert on taxes as they relate to real estate.