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Holmdel, Colts Neck, Marlboro and Manalapan Information:
About Holmdel, Colts Neck, Marlboro and Manalapan - Moving to Holmdel, Colts Neck, Marlboro and Manalapan, New Jersey? Get info here... Facts About Feehold Facts About Colts Neck Facts About Manalapan Facts About Marlboro Relocating? - Free real estate information & relocation package if you're relocating to Holmdel, Colts Neck, Marlboro and Manalapan, in Monmouth County NJ. Go to Main Sitemap - Main sitemap sections include Find Holmdel, Colts Neck, Marlboro and Manalapan Homes, For Home Buyers, For Home Sellers, Holmdel, Colts Neck, Marlboro and Manalapan Information, Real Estate Resources, and About Florence and Steven Cataneo. School Reports - Reports for Holmdel, Colts Neck, Marlboro and Manalapan schools kindergarten, elementary, and high schools.
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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 |
Where is the world's largest bridge located?
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| A |
Lake Pontchartrain Causeway at New Orleans, Louisiana is the world's largest bridge. It is almost 24 miles long. |
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