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Certified Residential Specialists

Find Out About the Latest Homes for Sale First! We add our newest homes and other real estate listings to this web site first. It can be some time before they appear in the MLS. Find Out More > View All Offers >
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We Could Not Have Done It Without You! Through all of our dealings with Glenna and Shelton, they have contributed vastly to both our professional and private lives. Hal Miller
Bossier City, LA Read Quote > View All Quotes >
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Glenna Nesbitt and Shelton Floyd
are some of The Top Selling Real Estate Experts Find Out More > |
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About Glenna Nesbitt and Shelton Floyd ...
About Glenna Nesbitt and Shelton Floyd:
About Glenna Nesbitt and Shelton Floyd - Information about Glenna Nesbitt and Shelton Floyd of Shreveport and Bossier City, Louisiana
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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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What is the world's largest palace?
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The Imperial Palace (Gugong) in the center of Beijing, China covers over 178 acres and dates back to the early 1400s. |
See More Real Estate Trivia > |
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All rights reserved. All information deemed reliable but not guaranteed.
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