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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 |
What is considered one of the slimmest buildings ever designed?
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| A |
The Carnegie Hall Tower, designed by Cesar Pelli, is only 50 feet wide and 60 stories high. |
See More Real Estate Trivia > |
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George Golden Coldwell Banker 335 Rte 9 South Manalapan, NJ 07726 office: 732-462-4242 Fax: 732-462-5792 cell: 732-462-2605 georgegolden@NUMBER1EXPERT.Com
Selecting the right real estate agent is one of the most important decisions you will make. If you are buying or selling a home you will need an agent who will work for you. I can help you through honesty, integrity, sincerity, price strategy, strength of my marketing plan and extreme knowledge of the market. I am a full-time professional REALTOR.
My career as a sales associate includes experiences in all phases of real estate from residential resales and new homes to land sales. This experience makes me uniquely qualified. I will apply years of experience and understanding of making your real estate dreams come true.
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