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Team Gnas, REALTORŪ, real estate agents and broker for Lexington, Georgetown and Nicholasville Kentucky home listings, property and land for sale - NUMBER1EXPERT(tm)
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Real Estate Tips
Tax Considerations >Taxpayer Relief

Legislation included in the 1997 federal budget made significant changes that improve a homeowner's ability to profit from the sale of real estate. The capital gains tax exclusions on the sale of a principal residence is just one of several benefits for homeowners. When you sell a home you have owned and use for two of the five years prior to the sale, married couples are allowed to keep up to $500,000 in tax-free profits and taxpayers filing as singles can keep up to $250,000 before paying capital gains tax.

Long-term capital gain is also taxed at lower rates as a result of the Jobs and Growth Tax Relief Reconciliation Act passed in 2003. The maximum capital gains tax rates dropped from 20% to 15% and from 10% to 5%, effective for sales and exchanges taking place on or after May 6, 2003 and through December 31, 2007. In 2008 the 15% rate continues for higher income taxpayers, while the 5% rate for lower income taxpayers drops to 0%, but only for the 2008 tax year. On January 1, 2009, the 10% and 20% rates will be reinstated.

Consult your tax advisor for advice regarding your particular circumstance.

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Real Estate Trivia
Q 
Upon completion this year, what will be the tallest residential building south of New York and east of Chicago?

A 
Located in Biscayne Bay, Florida, the $120 million, 51-floor luxury condominium will be called The Santa Maria.
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Team Gnas, REALTORŪ, real estate agents and broker for Lexington, Georgetown and Nicholasville Kentucky home listings, property and land for sale - NUMBER1EXPERT(tm)

Maria Gnas
Keller Williams Bluegrass Realty

2424 Harrodsburg Rd
Suite 101
Lexington, KY 40503
Office: 859-519-3137
Cell: 859-229-2295
Fax: 859-269-0065
Maria Gnas: Maria@TeamGnas.com
Chuck Gnas: Chuck@TeamGnas.com
Angie Fields: Angie@TeamGnas.com
Kathy Pickett: Kathy@TeamGnas.com
Andrew Gnas: Andrew@TeamGnas.com

Maria Gnas and Team Gnas at Keller Williams Bluegrass Realty are passionate about surpassing all expectations, rising above industry standards to stay at the top of your list and first on your mind when you need Real Estate experts!

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Keller Williams Realty Bluegrass real estate and homes for sale in Lexington, Georgetown and Nicholasville Kentucky

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