Welcome - Get the best real estate listings & homes for sale, expert advice, local info, and much more from Myron, a proven Arlington, Mansfield and Fort Worth, Texas NUMBER1EXPERT™ Top Selling real estate agent. Find Arlington, Mansfield and Fort Worth Homes - Find Arlington, Mansfield and Fort Worth, Texas real estate listings & homes for sale provided by Myron, your local expert real estate agent. For Home Buyers - Get home buying information, the latest listings, mortgage informaiton, expert advice, and much more from Myron, a proven Arlington, Mansfield and Fort Worth, Texas NUMBER1EXPERT™ Top Selling real estate agent. For Home Sellers - Get home selling information, fsbo information, expert advice, find out what your home and other homes in your neighborhood are selling for, and much more from Myron, a proven Arlington, Mansfield and Fort Worth, Texas NUMBER1EXPERT™ Top Selling real estate agent. Arlington, Mansfield and Fort Worth Information - Find local information on Arlington, Mansfield and Fort Worth, Texas including schools reports, local maps and links, things to do, area photos, and relocation information. Local information provided by Myron, a proven NUMBER1EXPERT™ Top Selling real estate agent. Real Estate Resources - Find real estate related resources including real estate news, tips, dictionary, trivia, mortgage calculators and information, local real estate related services, and much more from Myron, a proven Arlington, Mansfield and Fort Worth, Texas NUMBER1EXPERT™ Top Selling real estate agent. About Myron - Information about Myron including testimonials, guarantees, credentials, and contact information. Learn why Myron is a proven Arlington, Mansfield and Fort Worth, Texas NUMBER1EXPERT™ Top Selling real estate agent.
Please Sign Up For The Latest Listings and the Latest Real Estate News
 |
Tax Considerations >Taxable Profits
If you are thinking of selling your home and your house has risen in value since you purchased it, or you have accumulated a lot of deferred profit from previous sales, the Taxpayer Relief Act passed in 1997 could be of tremendous value.
Prior to this law, when a homeowner moved to a smaller home, relocated to a less costly area, or made a decision to rent, they were left with unfavorable tax consequences. The old tax law allowed people who sold their homes to defer tax on any profit by buying a replacement home of at least equal value within two years. At age 55, they could permanently escape tax on up to $125,000 of profit, but any profit in excess of that amount was taxable unless a new home was bought.
The good news is that with homes sold after May 6, 1997, homeowners can make as much as $500,000 tax-free profits on the sale of a principal residence for joint filers or $250,000 for single filers. The $500,000 capital gains exclusion removed taxes as a consideration for most home sellers by giving them flexibility to trade up or down. It has also allowed homeowners to preserve the savings value of a home when they sell, provided they use the property as their principal residence for two of the prior five years prior to the sale.
Consult your tax advisor for your particular circumstance.
|
|
| Q |
What characteristics must a home have to be considered a prestigious property?
|
| A |
Unique architectural design; Highly desirable location; celebrity status--owned by a well-known person. |
 See More Real Estate Trivia > |
|
|
|
- NUMBER1EXPERT™ 
