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Current Selection: All Prices All Types All Locations New Selection Sorted By: Default New Sort
<Back to Page Previous Next Property 52 of 55 Selections
    Sold - 18728 224th Ave NW $313,000 
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Address:   18728 224th Ave NW    City/ST:   Big Lake, MN   Zip Code:   55309  
Property Type:   BANK OWNED   New or Resale:   Resale    Square Footage:   3520  
Bedrooms:   3   Bathrooms:   3   MLS#   3620347  



Last Updated: 10/12/2009 12:18:17 PM

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Real Estate Tips
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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Real Estate Trivia
Q 
In what movie did a cute extra-terrestrial take refuge in a California home on a cul-de-sac with a mountain peak towering behind it?

A 
Steven Spielberg's 1982 classic "E.T." was filmed in a real house on Lonzo Street, Tujunga, northeast of the San Fernando Valley.
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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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