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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	What is the average price for a home in the United States?
A	According to recent data published by the NAR, the national median price for existing single-family homes is now $230,000.
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Natalie Terry, REALTOR®, 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 Realtors® nationwide.

www.CharlotteHomesSearcher.com is brought to you by Natalie Terry
NUMBER1EXPERT™ in real estate for Charlotte Metro, Charlotte Uptown and Matthews, North Carolina, condos, townhomes, golf course properties, waterfront properties

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