Tax Benefits

 
Sellers Guide Homeowners are winners under the Taxpayer Relief Act of 1997. Under the new law, up to $250,000 ($500,000) for a married couple filing a joint return) of gain realized on the sale or exchange of a principal residence is not taxable.- not just deferred.  In addition, $250,000/$500.000 is taxed at the new lower rate.

Homeowners qualify for this tax exclusion if two requirement are made:

  1. The home must be used as a principal residence for two of the preceding five years.  This law does not apply to vacation or second-home properties. There are some exceptons for those who cannot satisfy the two-year use requirements.
  2. No more than one sale exchange can take place every two years.

If you are selling your home, you should contact a tax advisor for details on how this new law applies to your sale.

Getting a Realtor
Marketing & Success in Selling
Tax Benefits for Home Seller
 
 
 
 

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