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The Tax Man Cometh

Photo courtesy of svilen001So you are thinking of selling you home and you are worried about the tax implications. Well worry no more! The current tax law for the sale of your primary residence, after May 6, 1997, states that you can have up to $500,000 in capital gains for a married couple and $250,000 for a single person. So unless you are single and paid only $10,000 for your home and plan to sell it for $300,000 you don't have too much to worry about.

One of the requirements of this tax law is that you must have lived in that home at lease 2 of the past 5 years. If you are a married couple and as long as at least one of the spouses meets this requirement then you are eligible for the exclusion.

These restrictions can be waived and your exclusion will be prorated if you are unable to meet the two year ownership and use requirement for any unforeseen circumstances; such as health or relocation of employment. (Check with the IRS for a complete list of eligible circumstances)

If you are having problems with
Property Taxes, Click Here

Respect Realty LLC (Expect More)

 

At Respect Realty, LLC our agents believe in 100% dedication to client satisfaction.  We specialize in property and land acquisition around the Portland Metro and Vancouver, WA area. We delight in working with first time home buyers and sellers to guide them from start to finish. Our doors are always open and we are always happy to assist you with your real estate questions.

 

Reach out today, we look forward to talking with you!

 

Todd Clark and Seraina Aguayo (Owners of Respect Realty)

Respect Realty LLC (Expect More)

(503)564-3130

info@RespectRealtyNW.com

www.RespectRealtyNW.com

 

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Thinking of selling? Find how much your home is worth by clicking here

 

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Comment balloon 0 commentsRespect Realty LLC • February 12 2007 03:18AM
The Tax Man Cometh
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