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Welcome - Get the best real estate listings & homes for sale, expert advice, local info, and much more from a Brookhaven Township, Smithtown Township and The North Shore, New York NUMBER1EXPERT(S) Top Selling real estate agent(s). Contact Carmela, Jason and Jonathan Kaiser today! Find Brookhaven Township, Smithtown Township and The North Shore Homes - Find Brookhaven Township, Smithtown Township and The North Shore, New York real estate listings & homes for sale provided by Carmela, Jason and Jonathan Kaiser, your local expert real estate agent(s). For Home Buyers - Get home buying information, the latest listings, mortgage information, expert advice, and much more from Carmela, Jason and Jonathan Kaiser, a Brookhaven Township, Smithtown Township and The North Shore, New York NUMBER1EXPERT(S) Top Selling real estate agent(s). For Home Sellers - Get home selling information, fsbo information, expert advice, find out what your home and other homes in your neighborhood are selling for, and much more from Carmela, Jason and Jonathan Kaiser, Brookhaven Township, Smithtown Township and The North Shore, New York NUMBER1EXPERT(S) Top Selling real estate agent(s). Brookhaven Township, Smithtown Township and The North Shore Information - Find local information on Brookhaven Township, Smithtown Township and The North Shore, New York including schools reports, local maps and links, things to do, area photos, and relocation information. Local information provided by Carmela, Jason and Jonathan Kaiser, NUMBER1EXPERT(S) Top Selling real estate agent(s). Real Estate Resources - Find real estate related resources including real estate news, tips, dictionary, trivia, mortgage calculators and information, local real estate related services, and much more from Carmela, Jason and Jonathan Kaiser, Brookhaven Township, Smithtown Township and The North Shore, New York NUMBER1EXPERT(S) Top Selling real estate agent(s). About Carmela, Jason and Jonathan Kaiser - Information about Carmela, Jason and Jonathan Kaiser including testimonials, guarantees, credentials, and contact information. Learn about NUMBER1EXPERT(S) Top Selling real estate agent(s) like Carmela, Jason and Jonathan Kaiser in the Brookhaven Township, Smithtown Township and The North Shore, New York area.
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Tax Considerations >Your Tax Free Profits
Significant tax reform legislation was signed into law with the Taxpayer Relief Act of 1997. This legislation replaced both the one-time $125,000 tax-free exclusion for homeowners aged 55 and older, and the "rollover" deferment of capital gains tax requiring the purchase of a replacement home of higher or equal cost within two years of the sale of your principal residence.
With this change, a married couple filing their taxes jointly pays capital gains taxes only on that portion of home sales profits that exceeds $500,000. Single taxpayers, heads of households, and married persons filing separately may exclude up to $250,000. The exclusion is available for all sales of homes that occurred on or after May 6, 1997. Homeowners can use this tax-free provision every two years.
You are allowed to keep these tax-free profits only if you have owned and used the home as your principal residence for two out of the five years prior to the sale of the property. Although the regulations do not require continuous occupancy, the IRS specifies that your principal residence must be the home you use for the majority of time during the year. Consult your tax advisor about your personal circumstance.
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| Q |
Where will you find the world's largest indoor waterfall?
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| A |
The lobby of the International Center in Detroit, Michigan has a waterfall of 114 feet, backed by 9,000 square feet of marble. |
 See More Real Estate Trivia > |
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