My Home Won't Sell - Pamela Holmes Team Has Expert Information on Selling Your Atlanta Metro, Sandy Springs and Dunwoody, Georgia Home

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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 bizarre post-midnight pageant celebrated the great transformation in Manhattan architecture during the 1920s?
A	Beaux-Arts Architects' Ball (January 23, 1931) at the Hotel Astor commemorated the end of the first skyscraper age.
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Pamela Holmes Team, REALTOR®, real estate agents and broker for Atlanta Metro, Sandy Springs and Dunwoody, Georgia home listings, property and land for sale - NUMBER1EXPERT(tm)

Pamela Holmes
ReMax of Buckhead at Brookhaven
4246 Peachtree Road
Atlanta, GA 30319
Phone: 404-429-9244
eFax: 770-200-1607
Email: pamelaholmes@NUMBER1EXPERT.com
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At ReMax of Buckhead at Brookhaven, we are not happy until you are! Welcome to Atlanta!

Sincerely,

Pamela M. Holmes

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In order to best serve you, please provide all of the information below. I will research your home and your area and provide you with informed information to help you get your home sold and for the most money.

In order to best serve you, please provide all of the information below.
I will research your home and your area and provide you with informed
information to help you get your home sold and for the most money.