|
All agents are NOT alike! Find out why we are top real estate experts. Call us: 252-489-8491.
|
Sign Up For Our eNewsletter, FREE!
There are always important changes happening in the real estate market, locally and nationally. These changes can affect YOU.
Find Out More >
View All Offers >
|
 Compare three
mortgages at one time. Download TripleCalc now. It's free. |
|
|
|
For Home Buyers:
Why Buyers Choose Hugh Willey - Why homebuyers looking for a real estate agent in the Nags Head, Kill Devil Hills and Kitty Hawk area choose Hugh Willey. Latest Listings - Get Hugh Willey's latest Nags Head, Kill Devil Hills and Kitty Hawk listings of homes for sale first! Find Your Perfect Home - Hugh Willey will search for your ideal home and email you the newest Nags Head, Kill Devil Hills and Kitty Hawk MLS listings of properties in Dare and Bare County NC. First Time Homebuyers - Are you a first time homebuyer in Nags Head, Kill Devil Hills and Kitty Hawk, NC? Choose a top real estate agent. Hugh Willey can guide your home buying search. Mortgage Prequalification - Pre-qualify for a mortgage or loan for your Nags Head, Kill Devil Hills and Kitty Hawk house or other real estate or property. Go to Main Sitemap - Main sitemap sections include Find Nags Head, Kill Devil Hills and Kitty Hawk Homes, For Home Buyers, For Home Sellers, Nags Head, Kill Devil Hills and Kitty Hawk Information, Real Estate Resources, and About Hugh Willey. 
Please Sign Up For The Latest Listings and the Latest Real Estate News
Tax Considerations >Tax Implications of Selling Your House Most of my clients profit from selling their homes, and they often have questions about capital gains tax.
When you sell your primary residence, you are not taxed on your profit if (1) you have lived in the home for two out of the last five years and (2) your gain does not exceed $250,000 as a single taxpayer or $500,000 as a married couple filing jointly. Gains above these limits are taxed at the current rate of 15% for higher income taxpayers and 5% for lower income taxpayers. In 2008 the 15% rate will continue for higher income taxpayers; while the 5% lower income rate will drop to 0% for the 2008 tax year only. On January 1, 2009, the long-term capital gains tax rates will once again be 15% and 5% through 2010.
Homeowners can use this tax-free provision every two years. As set forth in the American Job Creation Act of 2004, properties converted from a 1031 exchange property into a primary residence must be held and used as a primary residence for at least five years to qualify for the tax exemption.
Consult your tax accountant for more detailed information regarding your particular circumstance.
|
| Q |
What island was sold to Peter Minuit by the Indians for goods valued at 60 guilders ($24)?
|
| A |
Peter Minuit arrived with a group of Dutch settlers in 1626 and purchased what is now known as Manhattan. |
 See More Real Estate Trivia > |
|
NUMBER1EXPERT®
© Homes Media Solutions™, a division of Dominion Enterprises and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.
|
- NUMBER1EXPERT 
