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Bruce Williams and Team, REALTORŪ, real estate agents and broker for Greensboro North Carolina home listings, property and land for sale - NUMBER1EXPERT(tm)
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From Our Affiliates: Greensboro North Carolina home buying, real estate listings, and homes for sale in Guilford                       County, NC
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Real Estate Tips
Tax Considerations >Tax Rewards for Homeowners

The Federal Tax Code has significantly improved the American taxpayer's ability to profit by selling a principal residence. Prior to 1997, homeowners could take advantage of a tax benefit termed the "rollover", which granted exemption from capital gains taxes on the net profit from the sale of a home. Homeowners who used profits to purchase a bigger and better home did not have to pay tax. And homeowners over the age of 55 were given a once-in-a-lifetime exclusion from taxes on profits of up to $125,000 on the sale of their principal residence.

Compare those tax breaks with our current, streamlined and potentially more profitable arrangement that replaced both the rollover and the one-time exemption. If you are a married home-seller filing jointly, you may enjoy up to $500,000 in tax-free home sale profits, provided you have occupied the property as your principal residence during two of the last five years. Taxpayers who file singly get a $250,000 capital gains exclusion. Homeowners are eligible to exclude capital gains on the sale of a principal residence as often as once every two years.

The law allows capital gain exclusions whether you "buy up" to a more expensive home or "buy down" to a less expensive one. The tax-free dollars can be used in any way you want. Consult your tax advisor for detailed advice about your particular circumstance.

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Real Estate Trivia
Q 
What acclaimed house built of stone, concrete, and glass is built over a waterfall?

A 
Fallingwater in Mill Run, PA, built by architect Frank Lloyd Wright, is one of the most-visited homes in the U.S.
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Bruce Williams and Team, REALTORŪ, real estate agents and broker for Greensboro North Carolina home listings, property and land for sale - NUMBER1EXPERT(tm)

Bruce Williams and Team
Bruce Williams & Assoc., Inc.

RE/MAX 1st Choice
3150 N. Elm St Ste 101
Greensboro, NC 27408
Phone: 336-387-2220
Fax: 336-387-2221
Toll Free: 800-948-5535
Email: bruce-williams@NUMBER1EXPERT.com

Quality Customer Service is my focus. My ability to match buyers with their ideal property and to provide effective marketing strategies for sellers has been acknowledged with the Executive Club, President's Club and 100% Club Awards. I obtained the GRI (Graduate RealtorŪ Institute) shortly after entering the real estate business 15 years ago. I also carry the CRS designation. Only 4% of the Nations 1 million plus REALTORSŪ have attained the CRS (Certified Residential Specialist). I am proud of my involvement in the real estate profession. Most importantly I believe my success is evident through many repeat customers and clients. I and my team take time to get to know you, the customer, and I personally make it my goal to help you have a successful and satisfying real estate experience. "Real Estate..It's what we do!"

CRSeProGRIMLSREALTOR


RE/MAX 1st Choice real estate and homes for sale in Greensboro North Carolina

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