YOU STAYED CONNECTED TO US
"Recently my husband and I had the pleasure of working with you on the purchase of our townhome. When started this process we were apprehensive about buying in this market and needed a realtor who would be honest when presenting the positive(s) and negatives(s) about proposed investments. We found that in you. Paula, you never made us feel like we were just another client. I cannot begin to tell you how important that was to us. When we met, you were objective as well as understanding of our needs. In addition, you stayed connected to us. Contacting your administrator was the same as contacting you. She was there to get paperwork to us so that we were never hindered in getting offers out. You were there to meet us and worked around our scheduling needs. You went above and beyond the call of duty, and we sincerely thank you for your willingness to meet with the builder and inspector while we were traveling. You are truly exceptional! You are the most personable realtor we have worked with. In the months of our partnership, we learned how you valued excellence, timeliness, and perfection in everything you did. You have clients in us for life. And know that every chance we get, we will be sure to refer others to you. I am sure they will be equally pleased. Armando and I wish you continued success and happiness in both your business and personal life. We are just a phone call away if ever we can return the favor."
Armando and Tahnika Rodriguez
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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 |
In what 2003 comedy does a very large family move to a new house on Forest Avenue in Evenston, Illinois?
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| A |
"Cheaper by the Dozen", starring Steve Martin, was actually filmed in a house in Los Angeles near the Farmer's Market. |
 See More Real Estate Trivia > |
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