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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	What unique contribution did the town of Flushing, New York make to the American home?
A	The flush toilet was invented in Flushing.
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Natalie Terry, REALTORŽ, real estate agent and broker for Charlotte Metro, Charlotte Uptown and Matthews North Carolina home listings, property and land for sale - NUMBER1EXPERT(tm)

Natalie Terry
Keller Williams Realty
3430 Toringdon Way, Suite 101
Charlotte, NC 28277
Tel: 704-575-5400
Fax: 704-602-0552
Natalie's Terry's Email: natalieterry@NUMBER1EXPERT.com
Tim Terry's Email: timterry@kwcharlotte.com
Real estate has been my passion for the last nine years and I wouldn't change a thing. After all, coming into Real Estate is how I met my husband Tim. We've been married for two years and when we're not selling homes and teaching new agents, we enjoy traveling, spending time at our beach condo, cookouts with our family and friends and Bobcats Basketball.

My family moved from Paris, France to Charlotte when I was 10 years old. I consider myself a Charlotte native, having grown up here and gone to the College of Nursing at UNCC. I was an RN in a busy ICU and ER for 5 years and enjoyed 10 years in the Army Reserves and Army Nurse Corps. I'm proud to have served our country in Desert Storm.

In order to better serve all of my buyer and seller clients, I have furthered my education in real estate by earning the highly coveted Certified Residential Specialist (CRS) designation, awarded to less than 5% of all RealtorsŽ nationwide.

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