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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.
The Brenda Dacus Team Fred Dacus Associates Realtors 2529 S. Caraway Jonesboro, AR 72401 Direct Line: 870-933-6131 Phone #: 800-553-7170 Cell #: 870-931-8434 Fax #: 870-933-6194 Email: BrendaDacus@NUMBER1EXPERT.com
Brenda Dacus and The BRENDA DACUS Team.
Jonesboro's #1 Agent and the #1 Company, Fred Dacus Associates. Brenda is passionate about real estate and dearly loves the city she sells. She strives to provide value-added service; always committed to excellence and the highest standards and level of integrity. That commitment is evidenced by a high percentage of repeat business and referrals received each year from past buyers and sellers. Proud to call Jonesboro home for more than 42 years, Brenda is experienced in working with relocating families and draws from her knowledge of the city, schools, personalities of neighborhoods, financing, and community involvement to help buyers make the best decisions. She is recognized for her expertise in marketing homes and is presently the only Arkansas Realtor to have earned The Luxury Home Marketing designation. Honored by her peers as Jonesboro Realtor of the Year for two years, Brenda has distinguished herself as a top producer by earning membership in the Arkansas Mult-Million Dollar Club for twenty-two consecutive years, longer than any other Jonesboro Realtor. She is annually ranked by "Arkansas Business" as one of the state's top agents. Brenda Dacus has been selling Jonesboro real estate since 1975 and knows how to make you right at home. It would be her pleasure to serve you.
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