Arlington, Mansfield and Fort Worth real estate and homes for sale in Texas, gated community, luxury homes, new construction - Myron Walker, REALTOR® Myron Walker REALTOR(r) for Arlington, Mansfield and Fort Worth, Texas real estate, gated community, luxury homes, new construction - NUMBER1EXPERT™ Myron Walker NUMBER1EXPERT(tm) for Arlington, Mansfield and Fort Worth, Texas real estate, gated community, luxury homes, new construction

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Myron Walker, REALTOR®, real estate agent and broker for Arlington, Mansfield and Fort Worth Texas home listings, property and land for sale - NUMBER1EXPERT(tm)
All agents are NOT alike! Find out why I am a top real estate expert. Call me: 817-276-5175.





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  • 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.

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Real Estate Tips
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.

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Real Estate Trivia
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.
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Myron Walker, REALTOR®, real estate agent and broker for Arlington, Mansfield and Fort Worth Texas home listings, property and land for sale - NUMBER1EXPERT(tm)

Myron Walker
RE/MAX Associates of Arlington

4105 S Bowen Rd.
Arlington, TX 76015
Tel: 817-276-5175
Mobile: 817-528-8459
Tel: 817-861-6565
Fax: 817-861-8631
Email: myronwalker@NUMBER1EXPERT.com

We are strictly RESULTS oriented, driven by the GOALS of our Clients and Customers. When one considers entering the Real Estate market either as a Buyer or Seller you have choices. It is our vision to be the Number One Choice, serving the Dallas/Fort Worth Metroplex.

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RE/MAX Associates of Arlington real estate and homes for sale in Arlington, Mansfield and Fort Worth Texas

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