Chesterfield, Wildwood and West St. Louis County Missouri real estate listings, home buying, selling and relocation information

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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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Q	What is the longest construction time for a private residence?
A	The Winchester House in San Jose, CA, was under construction for over 38 years.
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Karen Wagner, REALTOR®, real estate agent and broker for Chesterfield, Wildwood and West St. Louis County Missouri home listings, property and land for sale - NUMBER1EXPERT(tm)

Karen Wagner
Prudential Alliance Realtors
17050 Baxter Road Ste 200
Chesterfield, MO. 63005
Mobile: 314-307-4663
Direct: 636-530-4014
Toll Free: 800-738-0300
Fax: 636-537-2405
Email: karenwagner@NUMBER1EXPERT.com
My Focus is YOU. Every person is unique – and each Real Estate situation is different. You'll never find a cookie-cutter approach with me. I want to take the time to understand your unique lifestyles and goals. Only then can we formulate a comprehensive strategy to meet your individual needs.

Whether you're a first time home buyer, a seasoned seller or a corporate transferee, I customize services to meet your needs. My commitment is to YOU and I'm only satisfied when YOU are satisfied.

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