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Kathy Brown is one of The Top
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Welcome! Here You Can Find Great Information on North Dallas, Carrollton, Lewisville, Flower Mound, Coppell and Plano, Texas Real Estate
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Looking for homes? Search everything the web has to offer, right here! Don't miss my Feature Homes. Need local real estate information? I've summarized much of what is important about the North Dallas, Carrollton, Lewisville, Flower Mound, Coppell and Plano real estate market in this site. Need expert advice? No web site, large or small, can take the place of a top REALTORŪ. Not even mine! This site is filled with ways that you can contact me for one-on-one expert help and advice. That's my job. Contact me with confidence! I guarantee your privacy will be respected. And I offer the services on this site for free and without obligation. Why? I want to be YOUR REALTORŪ. As your trusted, professional real estate partner, I will help you find the best home in your area within your price range. And together we will sell your home, for as much as the market will bear, and as quickly as possible. Buying and selling a home is one of the biggest events in your life. As a top North Dallas, Carrollton, Lewisville, Flower Mound, Coppell and Plano REALTORŪ, I have the experience and track record you are looking for. Please let me help. - Kathy Brown  |
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.
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What famous Art Deco skyscraper is decorated with eagle hood ornaments, hubcaps and abstract images of cars?
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| A |
New York's Chrysler Building, designed by architect William Van Alen in 1930, was one of the first buildings composed of stainless steel over a large surface area.
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- NUMBER1EXPERT™ 
