Lake Sinclair, Eatonton and Milledgeville real estate and homes for sale in Georgia - Alan Haley Real Estate Agent
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School Reports in  Lake Sinclair, Eatonton and Milledgeville, Georgia
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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 
What real estate term was first used in the 19th century and means "a high-flying flag on a ship"?

A 
Skyscraper was first used in the 1880s when office buildings of 10 stories or more were built in Chicago and New York.
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Alan Haley, real estate agent and broker for Lake Sinclair, Eatonton and Milledgeville, Georgia home listings, property and land for sale

Alan Haley
Lakeside Realty

3060 N Columbia St
Milledgeville, GA 31061
Mobile: 478-457-6840
Office: 478-452-4223
Toll Free: 800-342-0135
Fax: 478-453-2667
alanhaley@lakesinclair.com

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