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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 is the world's longest frontier?
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| A |
At 3,987 kilometers (3,987 miles), the border between Canada and the U.S. is the longest in the world. |
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The Stacy Sells Your Home Team
Keller Williams Portland Premiere
17700 SW Upper Boones Ferry Rd.
Suite 100
Portland, OR 97224
Direct: 503-267-3099
Fax: 503-924-3573
stacyowens@NUMBER1EXPERT.com
Personal: Stacy@StacySellsYourHome.com
Buyer's Agent: tawnh49@gmail.com
We provide exceptional real estate services to all of our clients, in every price range. Our goal is make your home purchase or sale a smooth and enjoyable transition. Whether this is your first real estate experience or your tenth, our team of professional Realtors will guide you through the process from beginning to close. Let us do the work for you!    
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