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Chandler, Gilbert and Phoenix Information:
About Chandler - Moving to Chandler, Arizona? Get info here... About Gilbert - Moving to Gilbert, Arizona? Get info here... About Phoenix - Moving to Phoenix, Arizona? Get info here... School Reports - Reports for Chandler, Gilbert and Phoenix schools kindergarten, elementary, and high schools. Relocating? - Free real estate information & relocation package if you're relocating to Chandler, Gilbert and Phoenix, in Maricopa County AZ. Go to Main Sitemap - Main sitemap sections include Find Chandler, Gilbert and Phoenix Homes, For Home Buyers, For Home Sellers, Chandler, Gilbert and Phoenix Information, Real Estate Resources, and About Brett Tanner.
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Tax Considerations >Taxpayer Relief
Legislation included in the 1997 federal budget made significant changes that improve a homeowner's ability to profit from the sale of real estate.
The capital gains tax exclusions on the sale of a principal residence is just one of several benefits for homeowners. When you sell a home you have owned and use for two of the five years prior to the sale, married couples are allowed to keep up to $500,000 in tax-free profits and taxpayers filing as singles can keep up to $250,000 before paying capital gains tax.
Long-term capital gain is also taxed at lower rates as a result of the Jobs and Growth Tax Relief Reconciliation Act passed in 2003. The maximum capital gains tax rates dropped from 20% to 15% and from 10% to 5%, effective for sales and exchanges taking place on or after May 6, 2003 and through December 31, 2007. In 2008 the 15% rate continues for higher income taxpayers, while the 5% rate for lower income taxpayers drops to 0%, but only for the 2008 tax year. On January 1, 2009, the 10% and 20% rates will be reinstated.
Consult your tax advisor for advice regarding your particular circumstance.
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| Q |
During what months of the year do most people move from one home to another?
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| A |
Most moves occur between the months of May and September. |
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Brett Tanner
Keller Williams Lifestyle Realty
4862 E. Baseline Rd #103
Mesa, AZ 85206
602-738-3999
Fax: 602-288-0189
bretttanner@NUMBER1EXPERT.com
As a leader, innovator, investor, and top-selling real estate agent, I blend a unique marketing methodology with a result-driven approach for today’s real estate market. The Brett Tanner Team is comprised over 15 members selling over 300 homes per year. . Currently, the Team has one of the largest portfolios of Short Sale and REO listings in the valley and is ranked 10th in Keller Williams International.
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