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For Home Sellers:
Why Sellers Choose Hartman & Assoc. - Why home sellers in Reno, Sparks and Fernley choose Hartman & Assoc.. Free Presentation - Free in-home listings presentation on marketing your Reno, Sparks and Fernley, in Washoe and Lyon County Nevada property. Property Valuation - How much is your Reno, Sparks and Fernley home worth? What Did That Home Sell For? - What did that Reno, Sparks and Fernley, Nevada property or other real estate sell for? FSBO - Selling your Reno, Sparks and Fernley real estate on your own? Go to Main Sitemap - Main sitemap sections include Find Reno, Sparks and Fernley Homes, For Home Buyers, For Home Sellers, Reno, Sparks and Fernley Information, Real Estate Resources, and About Hartman & Assoc..
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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 |
What is the most unusual maintenance project done once each year in the United States?
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| A |
The Niagara Falls is shut down for maintenance every year in the fall by diverting the flow of water for 24 hours using a massive series of pipes constructed in 1837.
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