|
|
|
For Home Buyers:
My Unique Buyers Proposition - Why homebuyers looking for a real estate agent in the Buffalo Grove, Deerfield and Libertyville area choose Larry Leibovitz. Latest Listings - Get Larry Leibovitz's latest Buffalo Grove, Deerfield and Libertyville listings of homes for sale first! Find Your Perfect Home - Larry Leibovitz will search for your ideal home and email you the newest Buffalo Grove, Deerfield and Libertyville MLS listings of properties in Cook County IL. First Time Homebuyers - Are you a first time homebuyer in Buffalo Grove, Deerfield and Libertyville, IL? Choose a top real estate agent. Larry Leibovitz can guide your home buying search. Mortgage Prequalification - Pre-qualify for a mortgage or loan for your Buffalo Grove, Deerfield and Libertyville house or other real estate or property. Go to Main Sitemap - Main sitemap sections include Find Buffalo Grove, Deerfield and Libertyville Homes, For Home Buyers, For Home Sellers, Buffalo Grove, Deerfield and Libertyville Information, Real Estate Resources, and About Larry Leibovitz. 
Please Sign Up For The Latest Listings and the Latest Real Estate News
Tax Considerations >Your Tax Free Profits
Significant tax reform legislation was signed into law with the Taxpayer Relief Act of 1997. This legislation replaced both the one-time $125,000 tax-free exclusion for homeowners aged 55 and older, and the "rollover" deferment of capital gains tax requiring the purchase of a replacement home of higher or equal cost within two years of the sale of your principal residence.
With this change, a married couple filing their taxes jointly pays capital gains taxes only on that portion of home sales profits that exceeds $500,000. Single taxpayers, heads of households, and married persons filing separately may exclude up to $250,000. The exclusion is available for all sales of homes that occurred on or after May 6, 1997. Homeowners can use this tax-free provision every two years.
You are allowed to keep these tax-free profits only if you have owned and used the home as your principal residence for two out of the five years prior to the sale of the property. Although the regulations do not require continuous occupancy, the IRS specifies that your principal residence must be the home you use for the majority of time during the year. Consult your tax advisor about your personal circumstance.
|
| Q |
Where was the great land boom (1919) in which investors paid up to $25,000 for lots not yet dredged up from the ocean?
|
| A |
The great Florida land boom brought hundreds of investors to the state after Carl Fisher founded Miami Beach in 1919. |
 See More Real Estate Trivia > |
|
NUMBER1EXPERT™
© Best Image Marketing and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed. |
- NUMBER1EXPERT™ 
