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Ana Lucia is Extremely Knowledgeable
She took the "problem" of selling the house right off of my shoulders.
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Welcome! Here You Can Find Great Information on Columbia, Maryland Real Estate
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Looking for homes? Search everything the web has to offer, right here! Don't miss my Feature Homes. Need local real estate information? I've summarized much of what is important about the Columbia real estate market in this site. Need expert advice? No web site, large or small, can take the place of a top REALTOR. Not even mine! This site is filled with ways that you can contact me for one-on-one expert help and advice. That's my job. Contact me with confidence! I guarantee your privacy will be respected. And I offer the services on this site for free and without obligation. Why? I want to be YOUR REALTOR. As your trusted, professional real estate partner, I will help you find the best home in your area within your price range. And together I will sell your home, for as much as the market will bear, and as quickly as possible. Buying and selling a home is one of the biggest events in your life. As a top Columbia REALTOR, I have the experience and track record you are looking for. Please let me help. - Ana Lucia Porter  |
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Tax Considerations >Your Tax Free Profits
Significant tax reform legislation was signed into law with the Taxpayer Relief Act of 1997. This legislation replaced both the one-time $125,000 tax-free exclusion for homeowners aged 55 and older, and the "rollover" deferment of capital gains tax requiring the purchase of a replacement home of higher or equal cost within two years of the sale of your principal residence.
With this change, a married couple filing their taxes jointly pays capital gains taxes only on that portion of home sales profits that exceeds $500,000. Single taxpayers, heads of households, and married persons filing separately may exclude up to $250,000. The exclusion is available for all sales of homes that occurred on or after May 6, 1997. Homeowners can use this tax-free provision every two years.
You are allowed to keep these tax-free profits only if you have owned and used the home as your principal residence for two out of the five years prior to the sale of the property. Although the regulations do not require continuous occupancy, the IRS specifies that your principal residence must be the home you use for the majority of time during the year. Consult your tax advisor about your personal circumstance.
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| Q |
What real estate board game became the best-selling game in America just one year after it was created?
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| A |
Charles B. Darrow invented Monopoly in 1934, to cheer himself up while unemployed during the Great Depression. Monopoly is now the most popular board game in the world and has sold over 200 million copies. |
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