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Wes Wagner is one of The Top Selling Real Estate Experts™
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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 most unusual maintenance project done once each year in the United States?
A	The Niagara Falls is shut down for maintenance every year in the fall by diverting the flow of water for 24 hours using a massive series of pipes constructed in 1837.
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Wes Wagner, REALTOR®, real estate agent and broker for Yorktown, Newport News and Williamsburg, Virginia home listings, property and land for sale - NUMBER1EXPERT™

Wes Wagner
William E. Wood and Associate Realtors
1030 Loftis Blvd, Ste 200
Newport News, VA 23606
757-508-7141
Fax: 757-596-9811
weswagner@NUMBER1EXPERT.com
Wes Wagner is your Award Winning Realtor! He has been a member of the Outstanding Salesmanship Club Since 1984, in the Top 5% of all residential sales agents in the Virginia Peninsula Association of Realtors® for 2006, as well as selling and closing nearly $6 million in real estate in 2006. Wes Wagner is the best in the business so contact him today! Member VPAR outstanding Salesmanship Club for the last twenty three years. Earned Certified Residential Specialist in 1996 - Only 5% of agents qualify, nationwide. More than sixteen years experience.

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