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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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Steve Scheuring Baird & Warner 805 W. Lake St. Oak Park IL 60301 Office: 708-697-5946 Fax: 708-383-0790 Steve@OPRFHouse.com
My clients choose me because I am committed to serving their needs. My actions are timely. My advice is objective. My assistance is un-intimidating. My service is complete. My drive is your success.
It is a well-known fact that I utilize more technology-based marketing tools than any other area agent or firm! Digital photography, website advertising, and 24-hour availability are key elements to getting a home sold in today’s market. When you begin your search to buy a home or prepare to list a home, it makes sense to have somebody help you that knows homes. My wife Julie and I have fully restored two homes. Our first was a Chicago Bungalow on the North Side; in 2000 we complete and sold our English Cottage on the 900 block of Marion in Oak Park. These homes were not quick rehabs to make money. They were our homes filled with hard work (more than 50% of the labor was our own), fun memories, and quality finishing. We have recently embarked on a restoration that will (hopefully) be our last. We purchased a Victorian at 320 N. Euclid and estimate a restoration process of more than seven years. Taking care of my customers’ needs is job #1 and leads to long workweeks. This is all I do, everyday, seven days a week. Let me help you learn what to do and what NOT to do in order to get your home sold. If you are buying a home, your job is just as rigorous. I can help you with everything from home inspectors to mortgage brokers. Selling or buying… I help you with every detail to get you to that closing date.
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for Oak Park and River Forest, Illinois, Vintagevictorians,
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