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Round Rock, Austin and Cedar Park Information:
About Round Rock - Moving to Round Rock, Texas? Get info here... About Austin - Moving to Austin, Texas? Get info here... About Cedar Park - Moving to Cedar Park, Texas? Get info here... Maps & Links - The best Round Rock, Austin and Cedar Park web sites. Things To Do - Things to do in Round Rock, Austin and Cedar Park. Local Economy - Find out more about the Round Rock, Austin and Cedar Park areas economy & job Market. Real Estate Market - About the Round Rock, Austin and Cedar Park real estate market. Relocating? - Free real estate information & relocation package if you're relocating to Round Rock, Austin and Cedar Park, in Williamson County TX. School Reports - Reports for Round Rock, Austin and Cedar Park schools kindergarten, elementary, and high schools. More School Information - More School Information for Round Rock, Austin and Cedar Park schools kindergarten, elementary, and high schools. Taxes and Utility Cost - Taxes and utility cost for the Round Rock area. Round Rock Photo Gallery - Photo gallery of the area. Go to Main Sitemap - Main sitemap sections include Find Round Rock, Austin and Cedar Park Homes, For Home Buyers, For Home Sellers, Round Rock, Austin and Cedar Park Information, Real Estate Resources, and About Shelly Finleon.
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Tax Considerations >Taxable Profits
If you are thinking of selling your home and your house has risen in value since you purchased it, or you have accumulated a lot of deferred profit from previous sales, the Taxpayer Relief Act passed in 1997 could be of tremendous value.
Prior to this law, when a homeowner moved to a smaller home, relocated to a less costly area, or made a decision to rent, they were left with unfavorable tax consequences. The old tax law allowed people who sold their homes to defer tax on any profit by buying a replacement home of at least equal value within two years. At age 55, they could permanently escape tax on up to $125,000 of profit, but any profit in excess of that amount was taxable unless a new home was bought.
The good news is that with homes sold after May 6, 1997, homeowners can make as much as $500,000 tax-free profits on the sale of a principal residence for joint filers or $250,000 for single filers. The $500,000 capital gains exclusion removed taxes as a consideration for most home sellers by giving them flexibility to trade up or down. It has also allowed homeowners to preserve the savings value of a home when they sell, provided they use the property as their principal residence for two of the prior five years prior to the sale.
Consult your tax advisor for your particular circumstance.
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| Q |
Nearly every state has a mandate for seller disclosure. What must a seller disclose?
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| A |
The seller must disclose any existing problems, defects or conditions that could affect the value of the house.
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