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For Home Sellers:
Why Sellers Choose New Village Team - Why home sellers in East Valley, West Valley, Gilbert and Peoria choose New Village Team. Free Presentation - Free in-home listings presentation on marketing your East Valley, West Valley, Gilbert and Peoria, in Maricopa County Arizona property. Property Valuation - How much is your East Valley, West Valley, Gilbert and Peoria home worth? What Did That Home Sell For? - What did that East Valley, West Valley, Gilbert and Peoria, Arizona property or other real estate sell for? FSBO - Selling your East Valley, West Valley, Gilbert and Peoria real estate on your own? Go to Main Sitemap - Main sitemap sections include Find East Valley, West Valley, Gilbert and Peoria Homes, For Home Buyers, For Home Sellers, East Valley, West Valley, Gilbert and Peoria Information, Real Estate Resources, and About New Village Team.
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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 famous person said this? "Real Estate is the best investment in the world because it is the only thing they're not making anymore!"
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| A |
Will Rogers, who began his career as a rope-throwing cowboy and later became a famous stage and film star. |
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Cassandra Ewer
New Village Realty
890 West Elliott Road Suite 101
Gilbert, AZ 85233
480-556-1216 x100
Fax: 480-556-1471
Cassandra@NUMBER1EXPERT.com
As a highly successful real estate broker with over 15 years experience in the Arizona real estate market, Cassandra Ewer has the knowledge and skill to make any real estate transaction a reality. The New Village Team is a team of experts, each committed to assisting you with your individual real estate needs. Call us today!
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