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Tax Considerations >Beneficial Tax Laws
American tax law offers a significant capital gains tax exemption that allows taxpaying homeowners to unlock home equity and end the spiraling cycle of "investing up." First-time buyers enjoy expanded rules for Individual Retirement Accounts (IRA) and 401(k) plans, rules that allow penalty-free withdrawals to purchase a home. Every two years, married sellers of principal residences who file joint federal income tax returns are allowed a $500,000 exclusion ($250,000 for singles) from capital gains tax. For sales that took place after May 6, 2003, the maximum capital gains tax rates for profits above the exclusion dropped from 20% to 15% for higher income taxpayers, and from 10% to 5% for lower income taxpayers. Homeowners can now consider several new options. People who find themselves at an empty-nester stage (no children at home) in a four or five bedroom home with a large equity have been able to unlock their equity dollars, using the income to help their children buy a first home, take a luxury cruise, remodel the house or purchase a second home for vacation or retirement. Consult your tax advisor for advice regarding your particular circumstance.
On what famous American street can you find the most expensive retail space for rent anywhere in the world?
Fifth Avenue, New York City, U.S.A. offers retail space for rent at the rate of $580 per square foot.
Corinne SmithCentury 21 Family Realty2653 Hope Mills RoadFayetteville, NC 28306Office: (910) 321-1002Fax: (910) 424-6907teameliterealty@NUMBER1EXPERT.comDreams, Memories, Family.... The role of a real estate agent is to guide you through the buying, selling or relocating process, taking the time to make sure you understand every step of the transaction. We are absolutely committed to fulfilling your needs with the highest level of professionalism, expertise and service. Our commitment to your satisfaction is the foundation from which a solid business relationship is built. One step closer to home....from our Team to your Family, making your dream come true.
Corinne SmithCentury 21 Family Realty2653 Hope Mills RoadFayetteville, NC 28306Office: (910) 321-1002Fax: (910) 424-6907teameliterealty@NUMBER1EXPERT.com
Dreams, Memories, Family.... The role of a real estate agent is to guide you through the buying, selling or relocating process, taking the time to make sure you understand every step of the transaction. We are absolutely committed to fulfilling your needs with the highest level of professionalism, expertise and service. Our commitment to your satisfaction is the foundation from which a solid business relationship is built. One step closer to home....from our Team to your Family, making your dream come true.
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