Listing Details: Twin Falls, Jerome and Boise, Idaho Real Estate Listings & Homes For Sale Provided by Gem State Realty

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"Realtor or choice"
"Realtor for the job."
Roxanne Winter, Twin Falls
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School Reports in Twin Falls, Jerome and Boise, Idaho

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Tax Considerations >Tax Rewards for Homeowners

The Federal Tax Code has significantly improved the American taxpayer's ability to profit by selling a principal residence. Prior to 1997, homeowners could take advantage of a tax benefit termed the "rollover", which granted exemption from capital gains taxes on the net profit from the sale of a home. Homeowners who used profits to purchase a bigger and better home did not have to pay tax. And homeowners over the age of 55 were given a once-in-a-lifetime exclusion from taxes on profits of up to $125,000 on the sale of their principal residence.

Compare those tax breaks with our current, streamlined and potentially more profitable arrangement that replaced both the rollover and the one-time exemption. If you are a married home-seller filing jointly, you may enjoy up to $500,000 in tax-free home sale profits, provided you have occupied the property as your principal residence during two of the last five years. Taxpayers who file singly get a $250,000 capital gains exclusion. Homeowners are eligible to exclude capital gains on the sale of a principal residence as often as once every two years.

The law allows capital gain exclusions whether you "buy up" to a more expensive home or "buy down" to a less expensive one. The tax-free dollars can be used in any way you want. Consult your tax advisor for detailed advice about your particular circumstance.

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Q	Which home is considered the ultimate in California craftsman-style architecture?
A	Located in Pasadena, the Gamble House, built in 1908 by Charles and Henry Greene, is a National Historic Home open to visitors.
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Gem State Realty, REALTOR�, real estate agent and broker for Twin Falls, Jerome and Boise, Idaho home listings, property and land for sale - NUMBER1EXPERT

Gem State Realty
Gem State Realty
1411 Falls Avenue East Suite 1000 A
Twin Falls, ID 83301
208-734-0400
Toll Free: 800-455-1180
Fax: 208-733-6112
GemStateRealty@NUMBER1EXPERT.com
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