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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.

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Q	Into what category do forty-four percent of home buying households fall?
A	Forty-four percent of home-buying households are made up of married couples with dependents.
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Carol Spencer, REALTORŽ, real estate agent and broker for North Scottsdale, Silverleaf and DC Ranch Arizona home listings, property and land for sale - NUMBER1EXPERT(tm)

Carol Spencer
Russ Lyon Sothebys
8707 E Vista Bonita, Suite # 240
Scottsdale, AZ 85255
Phone: 480-629-8191
Home Office: 480-563-7496
Cell: 480-250-3850
Fax: 480-515-4462
Email: Carol@CarolSpencer.com
Carol was born and grew up in London, England. She worked in finance for over fifteen years, starting her career with Salomon Brothers in London where she worked on the trading floor for five years. Carol then moved to New York City in 1986 and worked the next ten years as a capital markets broker for Tullett-Liberty Inc. She enjoyed a long and successful career brokering money market instruments, foreign exchange and interest rate derivatives. The last five years at Tullett and Tokyo, Carol managed the medium term interest rate swap desk with a team of fifteen brokers and support staff. All the experience Carol gained on the trading floor and working with her team, contributes immensely to her ability to guide homeowners through the financial and emotional process of buying and selling their homes while at the same time utilizing her negotiating skills to benefit her clients. Carol has three three children; Thirteen year old twins James & Danielle and Ten-year-old Charlotte.

Temecula Real Estate, Property Management and Rentals

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