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For Home Sellers:
Why Sellers Choose Glenna Nesbitt and Shelton Floyd - Why home sellers in Shreveport and Bossier City choose Glenna Nesbitt and Shelton Floyd. Free Presentation - Free in-home listings presentation on marketing your Shreveport and Bossier City, in Caddo County Louisiana property. Property Valuation - How much is your Shreveport and Bossier City home worth? What Did That Home Sell For? - What did that Shreveport and Bossier City, Louisiana property or other real estate sell for? FSBO - Selling your Shreveport and Bossier City real estate on your own? Go to Main Sitemap - Main sitemap sections include Find Shreveport and Bossier City Homes, For Home Buyers, For Home Sellers, Shreveport and Bossier City Information, Real Estate Resources, and About Glenna Nesbitt and Shelton Floyd.
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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 |
What does the term Curb Appeal mean?
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This term describes how homes look from the street; this first impression is very important to prospective homebuyers. |
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