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Welcome > Resources > Trivia ...We've added these real estate trivia questions for your enjoyment. And you might learn something new in the process! Have fun...
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What kind of home construction is considered to be the safest in seismic areas?
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Straw-bale homes in seismic zones have proven resilient enough to withstand the shock of earthquakes.
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Which estate has two pools--one on the east side for the morning sun and one on the west for afternoon enjoyment?
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The former estate of John Lennon in Palm Beach has two pools plus guest quarters.
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What holds the title as the tallest reinforced concrete building in the U.S.?
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311 South Wacker Drive in Chicago was completed in 1990 and is 65 stories high.
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What are three of the best indicators of real estate market trends?
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Existing home sales, new home building and mortgage interest rates.
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What are the characteristics of classic Queen Anne architecture?
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Queen Anne homes are the most elaborate, romantic and feminine of all Victorian Homes.
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Estate Trivia >
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First Time Buyers >Your Principal Residence
The Federal Tax Code allows married taxpayers to exclude from capital gains taxes up to $500,000 in profits from selling a home (singles can exclude $250,000). In order to qualify for this exemption, you must prove that that the home has been your principal residence for at least two out of the last five years. The establishment of the home as a principal residence depends on the facts of each homeowner's circumstance. Here are two cases to consider.
Homeowner A has lived at 25 Pine Drive for 12 years. Although he stays at his vacation cottage in another town for up to three months out of each year (sometimes more), 25 Pine Drive is his principal residence, where he lives most of the time. When he sells the home, Homeowner A (filing as a single individual) can keep up to $250,000 in tax-free profit.
Homeowner B buys 108 Maple Street, intending to live there. He rents it out while waiting to sell his current home, where he has lived for six years. His principal residence sells at the end of two years. Homeowner B moves into his new house, lives there for three months, and then decides to travel. After a six-month trip, he regrets buying 108 Maple Street and sells it. Even though he has owned the house on Maple Street for over two years, it won't qualify as "owner-occupied", because he only lived in it for a few months. Thus Homeowner B is not eligible to claim the tax exemption when he sells the house on Maple Street.
Consult your tax advisor for advice about your particular circumstance.
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All rights reserved. All information deemed reliable but not guaranteed.
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