|
All agents are NOT alike! Find out why I am a top real estate expert. Call me: 304-645-7700.
|

Find Out About the Latest Homes for Sale First! I add my newest homes and other real estate listings to this web site first. It can be some time before they appear in the MLS. Find Out More > View All Offers >
|
Compare three mortgages at one time.
Download TripleCalc now. It's free.
|
Martha Hilton
is one of The Top Selling Real Estate Experts Find Out More > |
|
|
|
Special Offers From Me To You! Just for you, I've assembled some Special Offers. Choose one or all!  
 |
Tax Considerations >Beneficial Tax Laws
American tax law offers a significant capital gains tax exemption that allows taxpaying homeowners to unlock home equity and end the spiraling cycle of "investing up." First-time buyers enjoy expanded rules for Individual Retirement Accounts (IRA) and 401(k) plans, rules that allow penalty-free withdrawals to purchase a home.
Every two years, married sellers of principal residences who file joint federal income tax returns are allowed a $500,000 exclusion ($250,000 for singles) from capital gains tax. For sales that took place after May 6, 2003, the maximum capital gains tax rates for profits above the exclusion dropped from 20% to 15% for higher income taxpayers, and from 10% to 5% for lower income taxpayers.
Homeowners can now consider several new options. People who find themselves at an empty-nester stage (no children at home) in a four or five bedroom home with a large equity have been able to unlock their equity dollars, using the income to help their children buy a first home, take a luxury cruise, remodel the house or purchase a second home for vacation or retirement.
Consult your tax advisor for advice regarding your particular circumstance.
|
 |
| Q |
What does "contingency" mean in real estate?
|
| A |
A contingency is a specified event that must take place before a home purchase contract is binding; for example, a sale can be said to be "contingent upon the sale of the buyer's current residence." |
See More Real Estate Trivia > |
|

 |
NUMBER1EXPERT
© Best Image Marketing and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.
|