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Tax Considerations >Taxpayer Relief
Legislation included in the 1997 federal budget made significant changes that improve a homeowner's ability to profit from the sale of real estate.
The capital gains tax exclusions on the sale of a principal residence is just one of several benefits for homeowners. When you sell a home you have owned and use for two of the five years prior to the sale, married couples are allowed to keep up to $500,000 in tax-free profits and taxpayers filing as singles can keep up to $250,000 before paying capital gains tax.
Long-term capital gain is also taxed at lower rates as a result of the Jobs and Growth Tax Relief Reconciliation Act passed in 2003. The maximum capital gains tax rates dropped from 20% to 15% and from 10% to 5%, effective for sales and exchanges taking place on or after May 6, 2003 and through December 31, 2007. In 2008 the 15% rate continues for higher income taxpayers, while the 5% rate for lower income taxpayers drops to 0%, but only for the 2008 tax year. On January 1, 2009, the 10% and 20% rates will be reinstated.
Consult your tax advisor for advice regarding your particular circumstance.
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| Q |
What famous $40+ million home has a 60-foot pool with underwater music and a 20-car garage?
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| A |
The home of Bill Gates, co-founder of Microsoft, features the latest futuristic computer technology. |
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Amber Delashaw
MarMac Real Estate
2114 Central Pkwy Suite A
Decatur, AL 35601
Cell Phone Amber: 256-221-4081
Fax: 256-308-0828
Cell Phone Judy: 256-227-1647
amberdelashaw@NUMBER1EXPERT.com
Looking for a new home? Visit our website and click on the search all properties link and you can view everything that is listed in the North Alabama MLS. We cover Madison, Morgan, Limestone, and Lawrence counties. If you are looking for excellent customer service, timely responses, and answers to your real estate questions then you've found the team for you. Amber Delashaw has a strong background in listing and marketing properties. Our team's conversion rate on selling our listings runs at about 95% and we are steadily trying to bridge the gap to 100%. Judy Blaxton's main focus is working with buyers. She is well suited working with people relocating to the area, first time home buyers, and move up buyers. Give the Green Team a call today to acheive all your real estate dreams!   
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