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All agents are NOT alike! Find out why I am a top real estate expert. Call to discuss my personal service: 702-395-7435.
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Request My Free Relocation Package! Moving your family to another town or state is a major event in your life! I have helped many families and individuals relocate! Find Out More > View All Offers >
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Thanks for caring, Ronni! Ms Land also found the perfect house for us and closed the deal quickly. Mr. & Mrs. William & Becky Blanchard Read Quote > View All Quotes >
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Compare three mortgages at one time.
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Looking for homes? Search everything the web has to offer, right here! Don't miss my Feature Homes. Also, please check out the Buyers Agency section to learn how I work for YOUR benefit. Need local real estate information? I've summarized much of what is important about the Las Vegas, Summerlin and Henderson real estate market in this site. Need expert advice? No web site, large or small, can take the place of a top Realtor. Not even mine! This site is filled with ways that you can contact me for one-on-one expert help and advice. That's my job. Contact me with confidence! I guarantee your privacy will be respected. And I offer the services on this site for free and without obligation. Why? I want to be YOUR Realtor. As your trusted, professional real estate partner, I will help you find the best home in your area within your price range. And together we will sell your home, for as much as the market will bear, and as quickly as possible. Buying and selling a home is one of the biggest events in your life. As a top Las Vegas and Summerlin Realtor, I have the experience and track record you are looking for. Please let me help you find your dream home! - Ronni Land  |
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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.
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| Q |
Where will you find the world's largest indoor waterfall?
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| A |
The lobby of the International Center in Detroit, Michigan has a waterfall of 114 feet, backed by 9,000 square feet of marble. |
See More Real Estate Trivia > |
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