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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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The Secundy Team - Brad and Amy Secundy
Remax Properties
2630 Tenderfoot Hill Street
Colorado Springs, CO. 80906
Phone: 719-339-2233
Fax: 719-576-1746
Email: AmySecundy@comcast.net

TOP 20 Top Producers at Remax Properties.Top 30 Listing Agents In Pikes Peak MLS 2005 * New Construction, Resale, Military Rebates, Custom Homes. As a Relocation Specialist and Buyers Agent , we specialize in serving Internet Savy home buyers who want to shop at their own pace using the internet. Be the first in line to see homes that match your criteria. SERVING: Ft Carson, Colorado Springs, Black Forest, Briargate, Broadmoor, Divide, El Paso county, Fountain, Widefield, Security, Monument, Woodland Park, Meridan Ranch, Woodmen Hills, Stetson Hills, The Powers area, and Woodmoor.