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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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Diana Dedwylder
RE/MAX Pinnacle Group Realtors
1241 W Green Oaks Blvd.
Arlington, TX. 76013
Phone: 817 299-1033
Fax: 817 460-3903
Email: DianaDedwylder@NUMBER1EXPERT.com

Welcome to the END of the INTERNET! You have found the very last web site you will need for all of your real estate needs. www.YourDFWAgent.com Call Us Now, 817 299-1033 Credibility: · Over 1500 Homes Sold One at a Time · Over 17 Million Closed in 2002 Ranking Top 1% in the USA · Inducted into the Remax International “Hall of Fame” · Remax Platinum Club Award Winner · 30 Years of Market Knowledge · Graduate of Real Estate Training Institute, Prudential Mgmt Training, Century 21 Real Estate Training, Henry S. Miller Training, Certified Residential Specialist “less than 2% of agents Nationwide have this certification” · Proud Sponsor of the Childrens Miracle Network The Diana Dedwylder Team would like to thank everyone for all the continued support and referrals. Thanks to you we are looking forward to another record-breaking year. Although there is a wealth of knowledge at www.YourDFWAgent.com put our team to work directly! We want to speak with you. Call Us Now, 817 299-1033 arlington texas real estate, mansfield texas real estate, burleson texas real estate, southlake texas real estate, colleyville texas real estate, grapevine texas real estate, keller texas real estate,westlake texas real estate and surrounding areas Find Real Estate Investing Information History of Arlington

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