|
All agents are NOT alike! Find out why we are top real estate experts. Call us: 734-459-1234.
|
Request Our Free Relocation Package!
Moving your family to another town or state is a major event in your life! We have helped many families and individuals relocate!
Find Out More >
View All Offers >
|
 Compare three mortgages at one time.
Download TripleCalc now. It's free. |
Mike & Mary Gladchun are two
of The Top Selling Real Estate Experts™
Find Out More > |
|
|
 |
 |
Feature Homes: Homes, properties, & other real estate in
Plymouth, Northville and Canton and Michigan with virtual tours, photos, and
more |
|
Search All Local Listings: Search all Plymouth, Northville and
Canton area MLS listings in Michigan from real estate brokers |
|
National Listings Databases: Homes for sale in
national American USA web site listings databases of properties |
|
New Construction: New homes for
sale, new construction and newly built properties and real estate
subdivisions |
|
Unique & Luxury Homes: Home buyers, find luxury
homes, real estate, beach front properties, mansions, & acreage/land for
sale on these top national & international listings web
sites |
|
International Properties: Find international
homes for sale on these international/global real estate web sites from Canada,
Europe, France, Germany, UK, Great Britain, Spain, Italy, Asia, Africa, and
beyond |
|
Search ALL the Experts' Homes: Search the best local homes for sale from all the real estate
experts, agents, Realtors, and brokers |
Please Sign Up For The
Latest Listings and the Latest Real Estate News
|
First Time Buyers >Your Principal Residence
The Federal Tax Code allows married taxpayers to exclude from capital gains taxes up to $500,000 in profits from selling a home (singles can exclude $250,000). In order to qualify for this exemption, you must prove that that the home has been your principal residence for at least two out of the last five years. The establishment of the home as a principal residence depends on the facts of each homeowner's circumstance. Here are two cases to consider.
Homeowner A has lived at 25 Pine Drive for 12 years. Although he stays at his vacation cottage in another town for up to three months out of each year (sometimes more), 25 Pine Drive is his principal residence, where he lives most of the time. When he sells the home, Homeowner A (filing as a single individual) can keep up to $250,000 in tax-free profit.
Homeowner B buys 108 Maple Street, intending to live there. He rents it out while waiting to sell his current home, where he has lived for six years. His principal residence sells at the end of two years. Homeowner B moves into his new house, lives there for three months, and then decides to travel. After a six-month trip, he regrets buying 108 Maple Street and sells it. Even though he has owned the house on Maple Street for over two years, it won't qualify as "owner-occupied", because he only lived in it for a few months. Thus Homeowner B is not eligible to claim the tax exemption when he sells the house on Maple Street.
Consult your tax advisor for advice about your particular circumstance.
|
|
| Q |
What famous antebellum mansion was known as the "Queen of Tennessee Plantations"?
|
| A |
Belle Meade Plantation was a prosperous 5,400-acre thoroughbred horse farm in the mid 1800's. The Civil War Battle of Nashville was fought in its front yard. |
 See More Real Estate Trivia > |
|
|
|
|
- NUMBER1EXPERTS™ 
