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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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Garrett and Amy Lines
Keller Williams Realty East Valley
2077 East Warner Rd., Suite 110
Tempe, AZ 85284
Fax: 480-718-8783
Garrett Direct: 480-444-2270
Amy Direct: 480-444-2280
amylines@number1expert.com

Finding the right agent who understands your needs and is committed to what's best for you can be a challenge. Amy and Garrett have helped hundreds of people buy and sell real estate from starter homes to luxury estates. We pride ourselves on discovering your individual real estate needs and then tailor our service to achieve the goals we set together. Our consulting service includes the highest level of customer care plus real estate education on topics from choosing the right lender to finding a qualified home inspector and everything in between. Whether you're buying or selling, our comprehensive consulting package will provide detailed property information coupled with our knowledge and negotiating experience to help you arrive at the right price. With our help, you'll make an informed decision. When you choose us, you get the benefit of two Realtors working for you! Whether you need to buy or sell a home, we are here to help you. We are interested in you and your specific real estate needs and welcome the opportunity to meet with you. Please contact us at your earliest convenience. You never know when you'll need a great Real Estate Agent!

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