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Sold - 12460 65th Street NE

$145,000

Photo of 12460 65th Street NE, Otsego, MN, 55301.

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Address: 12460 65th Street NE	City/ST: Otsego, MN	Zip Code: 55301
Property Type: BANK OWNED	New or Resale: Resale	Square Footage: 2222
Bedrooms: 4	Bathrooms: 2	MLS# 3634819

Very clean and move in ready!

Last Updated: 10/9/2009 12:48:15 PM

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Maple Grove Real Estate

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School Reports in Minneapolis West Suburbs, Maple Grove, St. Michael and Albertville, Minnesota

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Tax Considerations >Tax Rewards for Homeowners

The Federal Tax Code has significantly improved the American taxpayer's ability to profit by selling a principal residence. Prior to 1997, homeowners could take advantage of a tax benefit termed the "rollover", which granted exemption from capital gains taxes on the net profit from the sale of a home. Homeowners who used profits to purchase a bigger and better home did not have to pay tax. And homeowners over the age of 55 were given a once-in-a-lifetime exclusion from taxes on profits of up to $125,000 on the sale of their principal residence.

Compare those tax breaks with our current, streamlined and potentially more profitable arrangement that replaced both the rollover and the one-time exemption. If you are a married home-seller filing jointly, you may enjoy up to $500,000 in tax-free home sale profits, provided you have occupied the property as your principal residence during two of the last five years. Taxpayers who file singly get a $250,000 capital gains exclusion. Homeowners are eligible to exclude capital gains on the sale of a principal residence as often as once every two years.

The law allows capital gain exclusions whether you "buy up" to a more expensive home or "buy down" to a less expensive one. The tax-free dollars can be used in any way you want. Consult your tax advisor for detailed advice about your particular circumstance.

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Q	What famous building receives a fresh coat of 300 tons of reddish-green paint every seven years?
A	The Eiffel Tower in Paris, France.
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Steve Comstock, REALTOR�, real estate agent and broker for Minneapolis West Suburbs, Maple Grove, St. Michael and Albertville, Minnesota home listings, property and land for sale - NUMBER1EXPERT

Steve Comstock
Arrow Real Estate Corp
11225 90th Ave N Suite 203
Maple Grove, MN 55369
612-454-1450
Fax: 952-843-5661
SteveComstock@NUMBER1EXPERT.com
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