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"Finding our home"
"Thank you for helping us find our new home."
"Michael and Tina Gibbs"
You have a story to tell about me. You've worked with me, and I've helped you buy or sell a home. I need your feedback. Others need your feedback, too! Please take a moment to fill out this form and tell me how I did... 
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.
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| Q |
What unique contribution did the town of Flushing, New York make to the American home?
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| A |
The flush toilet was invented in Flushing. |
 See More Real Estate Trivia > |
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- NUMBER1EXPERT™ 
