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Are you thinking of selling your home? You should know exactly what it's worth before making such an important decision.
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Sandra Lillywhite is one of The Top Selling Real Estate Experts™
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Request My Free Relocation Package. Don't Move To Gaithersburg Without It!  Moving your family to another town or state is a major event in your life! I have helped many families and individuals relocate to and from the Gaithersburg, Maryland area. If you will be moving to the Gaithersburg area, we can correspond by email and phone. Together, we'll determine what type of home, price range, and neighborhoods you are interested in. I'll send you every home or property that is currently available that matches your criteria. When you visit, I'll be ready! We will visit the Gaithersburg neighborhoods and homes that interest you the most. In addition, we can talk about schools, sub-divisions, local market conditions, local culture... anything that is important to you. Remember: As a top Gaithersburg real estate agent, it's my job to know this area inside and out, and I want to make your transition as smooth as possible. To get started, fill out the form to request my FREE Gaithersburg, Maryland Relocation Package. I'll send it right out. It's full of useful and important information about this area. You are under no obligation, so you can't go wrong... Are you new to the area? Request my FREE package of Gaithersburg relocation information. It's my job to help! There's no obligation, and I promise to respond quickly...
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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.
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| Q |
What is considered to be one of the soundest long-term investments?
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| A |
Real estate has a long-term record of strong investment return and is a driving force of the national economy.
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