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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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| Q |
Where is the world's longest spiral staircase?
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| A |
The White County Coal Mine in Carmi, Illinois has a spiral staircase that measures 1,103 feet and has 1,520 steps. |
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The James Sanson Team
John Hall & Associates
4677 South Lakeshore Drive
Tempe, AZ 85282
Toll Free: 877-468-8483
Fax: 888-821-6553
Email: james.sanson@buyazbargains.com
We sniff out some of the best deals for our buyers, and offer some of the leading marketing ways to sale your home. We believe we are the largest advertised real estate team in the valley. Come and learn why more buyers and sellers choose our services.
We deal with homes throughout the valley in Maricopa and Pinal Counties. If you are looking for Maricopa homes for sale, Ahwatukee homes for sale, Casa Grande homes for sale, Coolidge homes for sale, Florence homes for sale, Chandler AZ homes for sale, Tempe Arizona homes for sale, Phoenix properties for sale, Tempe Arizona homes for sale and many other valley locations homes for sales we have some of the greatest bargains in the market.   
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