Concord Farms (Farragut, TN)
Concord Farms (Farragut, TN) Real Estate News
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Real estate tax savings tips
Jim Lee, Portsmouth NH Realtor, Portsmouth, NH (RE/MAX By The Bay)

As a long time taxpayer I love discovering new ways to save money on income taxes.

One of the best deal going to date is the up to $500,000 EXCLUSION ON THE GAIN (the difference between what you paid to buy the property and what you sold it for) you make on the sale is tax-free, not the sale price, of your principal residence. It's up to $500,000 for married taxpayers filing jointly or $250,000 for single taxpayers.

Tax expert Diane Kennedy has a great article on this subject in today's Realty Times

Basically to qualify for this huge tax savings you only have to have lived in a house that qualified as your principal residence for any 2 of the past 5 years.

One quirk to this regulation I was not aware of is that under certain circumstances you can qualify for 1/2 the gain or up to $250,000 for married taxpayers filing jointly or $125,000 for single folks, if you lived in the house for as little as one year.

The circumstances are:

  • Death

  • Disability

  • Multiple births from the same pregnancy

  • Change in employment

  • Change in self-employment

Since most of us qualify as self-employed, creative minds should be able to come up any number of valid reason that would qualify you for that gain.

You should advise your clients to consult a qualified tax professional for the best advice but nothing wrong with making them aware of potential huge benefits for them to look into.

I had a seller recently that was under the mistaken impression he had to sell his home within 2 years after moving out. He had it listed with several other Realtors before he called me and was very concerned about the 2 years which was elapsing soon.

I advised him that he actually had just over 3 years left since he had gotten laid off and had to take a job in another city 2 years before. He verified that with his CPA and was very relieved to find that it was true.

I listed the house and we sold it about 2 months later; he was a very relived and happy camper because; a. we got his house sold and b. he was able to take advantage of some tax free profits on it.

Jim Lee , REALTOR®, Certified Residential Specialist (CRS)

http://JimLee.com  RE/MAX By The Bay

150 Mirona Road, Portsmouth, NH 03801 Phone: (603) 431-1111 x3801

Visit New Hampshire Maine Real Estate.com to search homes, get Seacoast area information, and find out how great living on the New Hampshire and southern Maine Seacoast really is.

 

Follow RealtorJimLee on Twitter

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Farragut Tennessee, Knoxville's premier bedroom community
Jim Lee, Portsmouth NH Realtor, Portsmouth, NH (RE/MAX By The Bay)

About 12 miles west of downtown Knoxville, Tennessee is the marvelous little bedroom community of Farragut.

Farragut is called a 'bedroom community' because most of the residents work other places and just live there.

Currently Farragut has 265 homes for sale ranging in price from $139,900 to a high of $1,499,000; something for everyone.

Concord Farms farragut

This beautiful homes is listed at $231,000 and is lodated in a convenient Farragut location.

Farragut High and the Farragut schools system is very highly rated nationally; several years ago Redbook Magazine ranked Farragut High as one of the top 50 high schools in the United States.

Quality of life is very much on the forefront of Farragut life; lots of parks, little league & soccer fields, and during summers; free outdoor concerts at a lakeside park along Northshore Drive.

farragut tennessee knoxville jim lee realtor

This brand new, farmhouse styled home is listed at $699,000 and is in a premier Farragut location.

So if a move to Knoxville is in your future, Farragut is an area worth considering. See all of Farragut's (and the greater Knoxville area as well) on my website, KnoxvilleMLS.com

 

Jim Lee , REALTOR®, Certified Residential Specialist (CRS)

http://JimLee.com  RE/MAX By The Bay

150 Mirona Road, Portsmouth, NH 03801 Phone: (603) 431-1111 x3801

Visit New Hampshire Maine Real Estate.com to search homes, get Seacoast area information, and find out how great living on the New Hampshire and southern Maine Seacoast really is.

 

Follow RealtorJimLee on Twitter

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