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All agents are NOT alike! Find out why we are top real estate experts. Call us: 614-888-1000.
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Buyers Want Your Home for as Little as Possible.
Are you thinking of selling your home? You should know exactly what it's worth before making such an important decision.
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The Jackson Team are some of The
Top Selling Real Estate Experts™
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Let Us Personally Search for a Home that Matches Your Criteria, for Free and Without Obligation.
As top Clintonville Realtors, we make it our business to be aware of every local home or property on the market. We even know of properties that will be available, but have yet to formally be placed on the market. We have direct access to the Clintonville area MLS (Multiple Listings Service), and also to every other agents in the area and all of their listings. If you give us some idea of what you are looking for, we will personally review all our sources of real estate listing information and send you everything within your price range that matches your criteria. We can save you a great deal of time! This is a totally free service, and there is no obligation. It's part of our job to offer services like this to homebuyers. Fill out this form, and we will quickly get back to you! Please give us as many details as possible...
Tax Considerations >Tax Implications of Selling Your House Most of my clients profit from selling their homes, and they often have questions about capital gains tax.
When you sell your primary residence, you are not taxed on your profit if (1) you have lived in the home for two out of the last five years and (2) your gain does not exceed $250,000 as a single taxpayer or $500,000 as a married couple filing jointly. Gains above these limits are taxed at the current rate of 15% for higher income taxpayers and 5% for lower income taxpayers. In 2008 the 15% rate will continue for higher income taxpayers; while the 5% lower income rate will drop to 0% for the 2008 tax year only. On January 1, 2009, the long-term capital gains tax rates will once again be 15% and 5% through 2010.
Homeowners can use this tax-free provision every two years. As set forth in the American Job Creation Act of 2004, properties converted from a 1031 exchange property into a primary residence must be held and used as a primary residence for at least five years to qualify for the tax exemption.
Consult your tax accountant for more detailed information regarding your particular circumstance.
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| Q |
Which law allows a person to give another individual up to $10,000 a year without any tax consequences?
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| A |
The Federal Gift Tax Law allows both parents to give a child (or anyone) $10,000 each in one year. |
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