|
|
Ames, Nevada and Boone Information:
About Ames, Nevada and Boone - Moving to Ames, Nevada and Boone, ? Get info here... About Ames Community - Moving to Ames Community, ? Get info here... About Boone Community - Moving to Boone Community, ? Get info here... About Story City Community - Moving to Story City Community, ? Get info here... About Nevada Community - Moving to Nevada Community, ? Get info here... Local Maps & Links - The best Ames, Nevada and Boone websites. Things To Do - Things to do in Ames, Nevada and Boone. Local Weather - Get Ames, Nevada and Boone area weather reports here. School Reports - Reports for Ames, Nevada and Boone schools kindergarten, elementary, and high schools. Relocating? - Free real estate information & relocation package if you're relocating to Ames, Nevada and Boone, in Story County IA. Go to Main Sitemap - Main sitemap sections include Find Ames, Nevada and Boone Homes, For Home Buyers, For Home Sellers, Ames, Nevada and Boone Information, Real Estate Resources, and About The Miller and Clark Team. 
Please Sign Up For The Latest Listings and the Latest Real Estate News
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.
|
Real Estate Trivia
| Q |
Where are the highest median price homes in the United States currently located?
|
| A |
According to the NAR, the highest median price in the second quarter of 2005 was $726,900 for homes in California's San Francisco Bay area. |
 See More Real Estate Trivia > |
|
NUMBER1EXPERT®
© Homes Media Solutions™, a division of Dominion Enterprises and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.
|
- NUMBER1EXPERT 
