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All agents are NOT alike! Find out why I am a top real estate expert. Call me: (866) BSY-SELN / (866) 279-7356.
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Find Out About the Latest Homes for Sale First!
I add my newest homes and other real estate listings to this web site first. It can be some time before they appear in the MLS.
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Polite, Upbeat and Inspired
“All of our transactions took place in a six week span – very fast, and truly painless, thanks to Phyllis and Company."
Harriette R. Trevino (bought & sold)
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Phyllis Doonan is one of The Top
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Tax Considerations >Taxable Profits
If you are thinking of selling your home and your house has risen in value since you purchased it, or you have accumulated a lot of deferred profit from previous sales, the Taxpayer Relief Act passed in 1997 could be of tremendous value.
Prior to this law, when a homeowner moved to a smaller home, relocated to a less costly area, or made a decision to rent, they were left with unfavorable tax consequences. The old tax law allowed people who sold their homes to defer tax on any profit by buying a replacement home of at least equal value within two years. At age 55, they could permanently escape tax on up to $125,000 of profit, but any profit in excess of that amount was taxable unless a new home was bought.
The good news is that with homes sold after May 6, 1997, homeowners can make as much as $500,000 tax-free profits on the sale of a principal residence for joint filers or $250,000 for single filers. The $500,000 capital gains exclusion removed taxes as a consideration for most home sellers by giving them flexibility to trade up or down. It has also allowed homeowners to preserve the savings value of a home when they sell, provided they use the property as their principal residence for two of the prior five years prior to the sale.
Consult your tax advisor for your particular circumstance.
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| Q |
What was the world's highest viewing platform before the opening of the Empire State Building in 1939?
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| A |
The Eiffel Tower, built between 1887-1889, was for 42 years the highest viewing platform in a man-made structure. |
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- NUMBER1EXPERT™ 
