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All agents are NOT alike! Find out why I am a top real estate expert in Chandler, Gilbert & Queen Creek AZ. Call me: 602-614-0416.
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"She definitely cares about her clients" "This woman went out of her way to try and get this short sale deal done" J. Canecchia REALTOR Read Quote > View All Quotes >
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Welcome - Get the best real estate listings & homes for sale, expert advice, local info, and much more from a Gilbert, Queen Creek and Chandler, Arizona NUMBER1EXPERT(S) Top Selling real estate agent(s). Contact Sheryl Robinson today!
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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 |
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. |
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Sheryl Robinson Home Key Realty 18711 E Pine Valley Drive Queen Creek, AZ 85142 Direct: 602-614-0416 Fax: 480-248-2155 sheryl@HomeswithSheryl.com
Looking to buy or sell a home in Chandler, Gilbert or Queen Creek AZ? Look no further. Sheryl Robinson is an Associate Broker with Home Key Realty specializing in these three Phoenix East Valley cities and is also a short sale specialist. Contact Sheryl today for a FREE home location tool or FREE home price evaluation and to further discuss you real estate needs. 
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