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Representing Your Interests
"The biggest problem I've had with agents is that very quickly it becomes apparent that their interests and the buyers interests are diverge. Ruth is quite rare…I really did not get any sense she was trying to get me to do something that would benefit her rather than me…
Also I feel she went above and beyond in her effort to be helpful. I'll definitely look for her help if I’m looking to buy again."
-John, Brookline
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Tax Considerations >Beneficial Tax Laws American tax law offers a significant capital gains tax exemption that allows taxpaying homeowners to unlock home equity and end the spiraling cycle of "investing up." First-time buyers enjoy expanded rules for Individual Retirement Accounts (IRA) and 401(k) plans, rules that allow penalty-free withdrawals to purchase a home.
Every two years, married sellers of principal residences who file joint federal income tax returns are allowed a $500,000 exclusion ($250,000 for singles) from capital gains tax. For sales that took place after May 6, 2003, the maximum capital gains tax rates for profits above the exclusion dropped from 20% to 15% for higher income taxpayers, and from 10% to 5% for lower income taxpayers.
Homeowners can now consider several new options. People who find themselves at an empty-nester stage (no children at home) in a four or five bedroom home with a large equity have been able to unlock their equity dollars, using the income to help their children buy a first home, take a luxury cruise, remodel the house or purchase a second home for vacation or retirement.
Consult your tax advisor for advice regarding your particular circumstance.
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| Q |
What is considered one of the key elements of the American dream?
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| A |
Home ownership is considered to a key to the American dream; more than 2 million first-time buyers bought property last year. |
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Paint The Walls? Fix the Bathroom?
Before taking on a home-improvement project, wouldn't you like to know if you will make your money back?
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