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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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Linda Lombardini
Trillium Real Estate
323 Braun Court
Ann Arbor, MI 48104
Office: 734-302-3011
Fax: 734-302-3099
Mobile: 734-216-6415
Text Me: 734-216-6415
Email: Linda@TrilliumRealtors.com

Call or text Linda at 734-216-6415. Linda Lombardini, a Realtor® since 1991, focuses always on counseling her clients so they may make sound real estate decisions. She is known throughout the Ann Arbor market for the high level of integrity that she brings to her real estate practice. Linda will be serving as President of the Ann Arbor Area Board of Realtors® in 2012. She is also a member of the board's Professional Standards Committees and has served on numerous nonprofit boards and City of Ann Arbor task forces. Linda’s expertise is in helping people buy and sell residential real estate, including homes, condos, new construction and vacant land in Washtenaw County and surrounding areas, including Ann Arbor, Chelsea, Dexter, Grass Lake, Milan, Pinckney, Saline, Whitmore Lake and Ypsilanti.

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