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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	What is the world's oldest wooden structure?
A	The oldest wooden buildings are the Pagoda, Chumanar Gate and Temple of Horyu in Nara, Japan, dating from A.D. 670.
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The Kekich Team, REALTOR®, real estate agent and broker for Northville, Novi and Plymouth Michigan home listings, property and land for sale - NUMBER1EXPERT(tm)

Leta and Brandon Kekich - The Kekich Team
Keller Williams Realty Northville Market Center
40600 Ann Arbor Road
Plymouth, MI 48170
248-875-4800
Office: 248-459-4700
Fax: 734-459-4701
Email: TheKekichTeam@NUMBER1EXPERT.com
With 90% of our clients coming from referrals or repeat business, the Kekich Team is not only one of America’s NUMBER1EXPERTS in the Northville, Novi, and Plymouth area, we are also among one of the most highly regarded and sought after realtors here. Many speak of our extraordinary knowledge of the neighborhoods, cutting-edge performance in both seller and buyer representation, and personalized marketing program. Others remark upon our professionalism, attention to detail, and consistent communication skills (including our newsletter). Many of our clients become personal friends. We are a family that works together as family to provide your family with a thoroughly enjoyable and successful transaction. Call or e-mail us today to put us to work for you.

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