Katy, Cypress and Fort Bend County real estate and homes for sale in Texas, corporate relocations - Jay Thieme, REALTOR® Jay Thieme REALTOR(r) for Katy, Cypress and Fort Bend County, Texas real estate, corporate relocations - NUMBER1EXPERT™ Jay Thieme NUMBER1EXPERT(tm) for Katy, Cypress and Fort Bend County, Texas real estate corporate relocations
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Jay Thieme, REALTORŪ, real estate agent and broker for Katy, Cypress and Fort Bend County Texas home listings, property and land for sale - NUMBER1EXPERT(tm)

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For Realtors: Katy, Cypress and Fort Bend County Texas home buying, real estate listings, and homes for sale in Harris, Franklin and Fort Bend County, TX
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Real Estate Tips
Tax Considerations >Taxable Profits

If you are thinking of selling your home and your house has risen in value since you purchased it, or you have accumulated a lot of deferred profit from previous sales, the Taxpayer Relief Act passed in 1997 could be of tremendous value.

Prior to this law, when a homeowner moved to a smaller home, relocated to a less costly area, or made a decision to rent, they were left with unfavorable tax consequences. The old tax law allowed people who sold their homes to defer tax on any profit by buying a replacement home of at least equal value within two years. At age 55, they could permanently escape tax on up to $125,000 of profit, but any profit in excess of that amount was taxable unless a new home was bought.

The good news is that with homes sold after May 6, 1997, homeowners can make as much as $500,000 tax-free profits on the sale of a principal residence for joint filers or $250,000 for single filers. The $500,000 capital gains exclusion removed taxes as a consideration for most home sellers by giving them flexibility to trade up or down. It has also allowed homeowners to preserve the savings value of a home when they sell, provided they use the property as their principal residence for two of the prior five years prior to the sale.

Consult your tax advisor for your particular circumstance.

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Real Estate Trivia
Q 
What is considered the world's tallest building?

A 
The 185-story CN Tower in Toronto, Canada is the world's tallest free-standing building, rising to 1,815 feet.
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Jay Thieme, REALTORŪ, real estate agent and broker for Katy, Cypress and Fort Bend County Texas home listings, property and land for sale - NUMBER1EXPERT(tm)

Jay Thieme
RE/MAX Cinco Ranch

916 South Mason Road
Katy
Texas 77450
office: 281-994-5103
cell: 713-252-5031
Fax: 281-693-0817
jaythieme@NUMBER1EXPERT.com

Jay has the answers! Buying, Selling or Corporate Relocations in Katy, Cypress or Fort Bend County. Jay Thieme offers a online real estate library, mortgage calculators, automatic email updates of new homes and much more.

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RE/MAX Cinco Ranch real estate and homes for sale in Katy, Cypress and Fort Bend County Texas

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