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"closed...our sale in such a short time" "I still can't believe all four transactions were able to close and we consummated our sale in such a short time." Laura Read Quote > View All Quotes >
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The Jackson Team are some of The
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The Jackson Team is recognized as among the top realtors in Dallas and has received numerous awards including the coveted "D Magazine Top Realtor". How can we help you? We take the time to get to know you, listen to your needs and tailor our services to meet your desires. Whether you are a Buyer or a Seller: We have the experience, expertise and proven results to meet your needs. You will appreciate our impeccable service and attention to detail. We do know the neighborhood! We are truly committed to our neighborhood and this passion is passed along in the way we do business. Five generations of our family have called this area home. - Scott Jackson, The Jackson Team |
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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 is considered to be one of the soundest long-term investments?
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| A |
Real estate has a long-term record of strong investment return and is a driving force of the national economy.
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