|
All agents are NOT alike! Find out why we are top real estate experts. Call us: 252-489-8491.
|
Find Out About the Latest Homes for Sale First!
We add our newest homes and other real estate listings to this web site first. It can be some time before they appear in the MLS.
Find Out More >
View All Offers >
|
 Compare three
mortgages at one time. Download TripleCalc now. It's free. |
|
|
|
For Home Sellers:
Why Sellers Choose Hugh Willey - Why home sellers in Nags Head, Kill Devil Hills and Kitty Hawk choose Hugh Willey. Free Presentation - Free in-home listings presentation on marketing your Nags Head, Kill Devil Hills and Kitty Hawk, in Dare and Bare County North Carolina property. Property Valuation - How much is your Nags Head, Kill Devil Hills and Kitty Hawk home worth? What Did That Home Sell For? - What did that Nags Head, Kill Devil Hills and Kitty Hawk, North Carolina property or other real estate sell for? FSBO - Selling your Nags Head, Kill Devil Hills and Kitty Hawk real estate on your own? Short Sale Info - Understanding your options now could mean all the difference in the world. 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
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.
|
| Q |
What is a VA home loan?
|
| A |
The Office of Veterans Affairs guarantees small or no-down payment mortgage loans made by lenders to U.S. veterans. |
 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 
