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QUESTIONS? MIKE KOGLER (302) 236-7648
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Moving your family to another town or state is a major event in your life! We have helped many families and individuals relocate!
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Mike Kogler TEAM is one of The Top Selling Real Estate Experts™
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The MIKE KOGLER Team is Bringing You
The Best of Coastal Delaware. From Rehoboth
Beach Real Estate, To Bethany Beach & Lewes, Delaware!! One thing you have complete control over is which Real Estate agent & company you select. If you choose The MIKE KOGLER TEAM and Long & Foster, you’ll find an entire organization committed to integrity, honesty, and your complete satisfaction. The MIKE KOGLER TEAM with its combined experience, expertise and reputation with Buyers & Sellers will far exceed expectations. This, along with incredible customer service, is what makes our TEAM very different than other agents. We are dedicated professionals who strive for success. In fact, we are confident that The MIKE KOGLER TEAM and Long & Foster can do a better job of serving you and protecting your investment than any other company. Thank you for your confidence in The MIKE KOGLER TEAM and Long & Foster.
Tax Considerations >Tax Implications of Selling Your House Most of my clients profit from selling their homes, and they often have questions about capital gains tax.
When you sell your primary residence, you are not taxed on your profit if (1) you have lived in the home for two out of the last five years and (2) your gain does not exceed $250,000 as a single taxpayer or $500,000 as a married couple filing jointly. Gains above these limits are taxed at the current rate of 15% for higher income taxpayers and 5% for lower income taxpayers. In 2008 the 15% rate will continue for higher income taxpayers; while the 5% lower income rate will drop to 0% for the 2008 tax year only. On January 1, 2009, the long-term capital gains tax rates will once again be 15% and 5% through 2010.
Homeowners can use this tax-free provision every two years. As set forth in the American Job Creation Act of 2004, properties converted from a 1031 exchange property into a primary residence must be held and used as a primary residence for at least five years to qualify for the tax exemption.
Consult your tax accountant for more detailed information regarding your particular circumstance.
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| Q |
1992 marked the first year since before the Civil War that there were fewer than 2 million ________ in the United States?
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| A |
There are fewer than 2 million farms, and agricultural land is still being carved up for residential and commercial uses. |
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