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Tax Considerations >Tax Implications of Selling Your House

Most of my clients profit from selling their homes, and they often have questions about capital gains tax. When you sell your primary residence, you are not taxed on your profit if (1) you have lived in the home for two out of the last five years and (2) your gain does not exceed $250,000 as a single taxpayer or $500,000 as a married couple filing jointly. Gains above these limits are taxed at the current rate of 15% for higher income taxpayers and 5% for lower income taxpayers. In 2008 the 15% rate will continue for higher income taxpayers; while the 5% lower income rate will drop to 0% for the 2008 tax year only. On January 1, 2009, the long-term capital gains tax rates will once again be 15% and 5% through 2010. Homeowners can use this tax-free provision every two years. As set forth in the American Job Creation Act of 2004, properties converted from a 1031 exchange property into a primary residence must be held and used as a primary residence for at least five years to qualify for the tax exemption. Consult your tax accountant for more detailed information regarding your particular circumstance.

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Q	Nearly every state has a mandate for seller disclosure. What must a seller disclose?
A	The seller must disclose any existing problems, defects or conditions that could affect the value of the house.
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The Ruby Darr Team, REALTOR®, real estate agents and broker for York, Dallastown and Shrewsbury Pennsylvania home listings, property and land for sale - NUMBER1EXPERT(tm)

The Ruby Darr Team
RE/MAX Patriots
2575 Eastern Blvd.
York, PA. 17402
Phone: 717-718-DARR(3277)
Toll Free: 877-741-6622
Fax: 717-718-9342
Email: teamdarr@NUMBER1EXPERT.com
“Personal Service You Can Depend On!” Contact us at RE/MAX Patriots for all of your Real Estate needs. We can help you from start to finish-marketing your present home to finding a new home, as well as helping you with your financing and mortgage needs. We will truly give you personal and professional service that you can depend on and a positive experience you will not forget.

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