 Compare three mortgages at one time.
Download TripleCalc now. It's free. |
Karen Monshaugen is one of The
Top Selling Real Estate Experts™
Find Out More > |
|
Looking for homes? Search everything the web has to offer, right here! Don't miss my Feature Homes located in and around Lake Conroe. Need local real estate information? I've summarized much of what is important about the Lake Conroe, Conroe and Montgomery real estate market in this site. Need expert advice? No web site, large or small, can take the place of a top REALTORŪ. Not even mine! This site is filled with ways that you can contact me for one-on-one expert help and advice when searching for your dream home in the Lake Conroe area. That's my job. Contact me with confidence! I guarantee your privacy will be respected. And I offer the services on this site for free and without obligation. Why? I want to be YOUR REALTORŪ. As your trusted, professional real estate partner, I will help you find the best home in your area within your price range. And together we will sell your home, for as much as the market will bear, and as quickly as possible. Buying and selling a home is one of the biggest events in your life. As a top Lake Conroe, Conroe and Montgomery REALTORŪ, I have the experience and track record you are looking for. Please let me help. - Karen Monshaugen  |
Tax Considerations >Your Tax Free Profits
Significant tax reform legislation was signed into law with the Taxpayer Relief Act of 1997. This legislation replaced both the one-time $125,000 tax-free exclusion for homeowners aged 55 and older, and the "rollover" deferment of capital gains tax requiring the purchase of a replacement home of higher or equal cost within two years of the sale of your principal residence.
With this change, a married couple filing their taxes jointly pays capital gains taxes only on that portion of home sales profits that exceeds $500,000. Single taxpayers, heads of households, and married persons filing separately may exclude up to $250,000. The exclusion is available for all sales of homes that occurred on or after May 6, 1997. Homeowners can use this tax-free provision every two years.
You are allowed to keep these tax-free profits only if you have owned and used the home as your principal residence for two out of the five years prior to the sale of the property. Although the regulations do not require continuous occupancy, the IRS specifies that your principal residence must be the home you use for the majority of time during the year. Consult your tax advisor about your personal circumstance.
|
| Q |
What document must lenders provide within three days of receiving your application for financing?
|
| A |
The "Truth In Lending Disclosure Statement" will give you complete financial information about the loan. |
 See More Real Estate Trivia > |
|
|
|
|
- NUMBER1EXPERT™ 
