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Tax Considerations >Taxpayer Relief
Legislation included in the 1997 federal budget made significant changes that improve a homeowner's ability to profit from the sale of real estate.
The capital gains tax exclusions on the sale of a principal residence is just one of several benefits for homeowners. When you sell a home you have owned and use for two of the five years prior to the sale, married couples are allowed to keep up to $500,000 in tax-free profits and taxpayers filing as singles can keep up to $250,000 before paying capital gains tax.
Long-term capital gain is also taxed at lower rates as a result of the Jobs and Growth Tax Relief Reconciliation Act passed in 2003. The maximum capital gains tax rates dropped from 20% to 15% and from 10% to 5%, effective for sales and exchanges taking place on or after May 6, 2003 and through December 31, 2007. In 2008 the 15% rate continues for higher income taxpayers, while the 5% rate for lower income taxpayers drops to 0%, but only for the 2008 tax year. On January 1, 2009, the 10% and 20% rates will be reinstated.
Consult your tax advisor for advice regarding your particular circumstance.
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| Q |
Where is the world's longest spiral staircase?
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| A |
The White County Coal Mine in Carmi, Illinois has a spiral staircase that measures 1,103 feet and has 1,520 steps. |
 See More Real Estate Trivia > |
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Joe and Rosanna Maez
Coldwell Banker Legacy
8200 Carmel NE 103
Albuquerque, NM 87122
505-401-5775
Fax: 505-275-4345
rosannamaez@NUMBER1EXPERT.Com
You can breath easy knowing that when Joe and Rosanna Maez are working for you integrity and tenacity are present. Joe and Rosanna are proven experts in Albuquerque and Rio Rancho Real Estate. They are used to handling several transactions of all different sizes at one time. You have made the right choice by putting your trust in the Joe and Rosanna Maez of the Maez Group.   
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