|
Want Ultimate Marketing Exposure for your listing? Contact The Romanski Group today at (765) 532-6148.
|
Buyers Want Your Home for as Little as Possible.
Are you thinking of selling your home? You should know exactly what it's worth before making such an important decision.
Find Out More >
View All Offers >
|
 Compare
three mortgages at one time. Download TripleCalc now. It's
free. |
Erin Romanski and the Romanski Group
are some of The Top Selling Real Estate Experts™
Find Out More > |
|
|
|
Check Out These Special Offers From Our Affiliates! Just for you from the affiliates of our web site! Please take advantage of the following special offers...  
 |
First Time Buyers >Your Principal Residence
The Federal Tax Code allows married taxpayers to exclude from capital gains taxes up to $500,000 in profits from selling a home (singles can exclude $250,000). In order to qualify for this exemption, you must prove that that the home has been your principal residence for at least two out of the last five years. The establishment of the home as a principal residence depends on the facts of each homeowner's circumstance. Here are two cases to consider.
Homeowner A has lived at 25 Pine Drive for 12 years. Although he stays at his vacation cottage in another town for up to three months out of each year (sometimes more), 25 Pine Drive is his principal residence, where he lives most of the time. When he sells the home, Homeowner A (filing as a single individual) can keep up to $250,000 in tax-free profit.
Homeowner B buys 108 Maple Street, intending to live there. He rents it out while waiting to sell his current home, where he has lived for six years. His principal residence sells at the end of two years. Homeowner B moves into his new house, lives there for three months, and then decides to travel. After a six-month trip, he regrets buying 108 Maple Street and sells it. Even though he has owned the house on Maple Street for over two years, it won't qualify as "owner-occupied", because he only lived in it for a few months. Thus Homeowner B is not eligible to claim the tax exemption when he sells the house on Maple Street.
Consult your tax advisor for advice about your particular circumstance.
|
|
| Q |
Which nation, fueled by an oil and manufacturing boom, claims the world's longest building?
|
| A |
The "Linear City" of Malasia is currently the longest.
|
 See More Real Estate Trivia > |
|
|
The Romanski Group
Keller Williams Realty
22 Executive Drive
Lafayette, IN 47905
Direct: 765-532-6148
Fax: 765-588-4841
Email: erin@romanskigroup.com
“We not only want to meet your expectations, we want to exceed them.” When we agree to work together, we pledge to you a superior level of service that is prompt, efficient and courteous! Erin and Jim Romanski are licensed Realtors in the State of Indiana.
   
www.RomanskiGroup.com is brought to you by
Erin Romanski and the Romanski Group
NUMBER1EXPERTS™ in real estate for
Lafayette, West Lafayette and Purdue University, Indiana, Lake Homes and New Construction Read Erin Romanski and the Romanksi Group's
Privacy Guarantee,
Terms of Service,
and
Free & Without Obligation Pledge
|
NUMBER1EXPERT®
© Homes Media Solutions™, a division of Dominion Enterprises and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.
|
- NUMBER1EXPERTS™ 
