Boca Raton Real Estate CommunitiesLooking for luxury home communities in Boca Raton? Use our site to view all the best Boca Raton communities. |
| 9858 Clint Moore Road, Boca Raton, FL 33496 | Caesar: (561) 715-8630 or Eileen: (561) 271-1311 |
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Selling Your Home May Be Tax Free
Your home may not always be your castle, but if it is your principal residence, there is one very significant tax benefit when you decide to sell. In general, if you file a joint tax return with your spouse, you can exclude up to $500,000 of your profit ($250,000 if you file a separate return). Two real estate tax benefits -- the "roll-over" and the "once in a lifetime" -- are no longer with us. However, their memory will linger on, at least for some taxpayers who have made a lot of profit over the years and who were buying and selling their homes prior to l997. The roll-over, you will recall, allowed homeowners who sold their principal residence to defer all profit if they purchased a new house within two years at a price which was equal to or greater than the sales price of their previous home. However, this was not a tax exclusion; it was only a tax deferral -- which meant that ultimately you might have to pay capital gains tax when you sold your last home. Looking for a home in Delaire Country Club? Realtor® Caesar Parisi is ready to help you buy your dream property. click here for article |
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