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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	Whose mansion sold for about $2 million after just one day on the market?
A	Soon after the death of George Burns his home was put on the market; the home sold in 24 hours.
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Mark Werner, REALTOR®, real estate agent and broker for West Milford, Oak Ridge and Vernon New Jersey home listings, property and land for sale - NUMBER1EXPERT™

Mark Werner
Werner Realty
1900 Union Valley Rd.
Hewitt NJ, 07421
Phone: 973-657-9222
Email: MarkWerner@NUMBER1EXPERT.com

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