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Welcome > Local Info >
Smithtown Township Information ...
About the Smithtown Township, New York Area Request our Free Brookhaven Township, Smithtown Township and The North Shore Relocation Package. It's packed full of useful and important information about the Brookhaven Township, Smithtown Township and The North Shore, New York area. Don't move here without it! Remember: we'll send it to you for free and without obligation. Just fill out the form and we will send it right out... It's our job to know EVERYTHING about Brookhaven Township, Smithtown Township and The North Shore! Ask us any question. Or request a FREE information package. There's no obligation, and we promise to get back to you quickly...
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Tax Considerations >Beneficial Tax Laws
American tax law offers a significant capital gains tax exemption that allows taxpaying homeowners to unlock home equity and end the spiraling cycle of "investing up." First-time buyers enjoy expanded rules for Individual Retirement Accounts (IRA) and 401(k) plans, rules that allow penalty-free withdrawals to purchase a home.
Every two years, married sellers of principal residences who file joint federal income tax returns are allowed a $500,000 exclusion ($250,000 for singles) from capital gains tax. For sales that took place after May 6, 2003, the maximum capital gains tax rates for profits above the exclusion dropped from 20% to 15% for higher income taxpayers, and from 10% to 5% for lower income taxpayers.
Homeowners can now consider several new options. People who find themselves at an empty-nester stage (no children at home) in a four or five bedroom home with a large equity have been able to unlock their equity dollars, using the income to help their children buy a first home, take a luxury cruise, remodel the house or purchase a second home for vacation or retirement.
Consult your tax advisor for advice regarding your particular circumstance.
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| Q |
From 1974 to 1996, what was the world's tallest habitable building?
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| A |
The Sears Towers, headquarters for Sears, Roebuck & Co., with 110 stories and 1,454 feet high. |
See More Real Estate Trivia > |
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