|
|
|
|
|
|
|
 
"It was a joy to work with Karen." Karen maintained a perfect balance between friendless and Professionalism at all times. I will gladly recommend her in the future. Jordan G. Read Quote > View All Quotes >  
Karen Angona is one of The Top Selling Real Estate Experts™
Find Out More > |
About Karen Angona
Welcome >
Agent Info >
About Karen Angona ...
 Meet Karen Angona |
||||||||||||||||||||||||||||||||
 Karen & Gerry before hike near Mt. Baldy |
 Three sisters of seven siblings: Karen, Brenda & Marilyn |
 Karen graduating from La Sierra University with brother Bryan and sister Marilyn |
 Grandson Dylan with his best friend Piper |
 Karen as past Board President of Inland Empire Assn. Of Realtors |
 Upland Kiwanis Senior Holiday Party with Katrina Fleene |
 Dylan at Great Gramma's farm in Kansas | |
 Karen with family | |
 Swing dance at a community non-profit | |
Please Sign Up For The Latest Listings and the Latest Real Estate News
Real Estate Tips
First Time Buyers >Your Principal Residence
The Federal Tax Code allows married taxpayers to exclude from capital gains taxes up to $500,000 in profits from selling a home (singles can exclude $250,000). In order to qualify for this exemption, you must prove that that the home has been your principal residence for at least two out of the last five years. The establishment of the home as a principal residence depends on the facts of each homeowner's circumstance. Here are two cases to consider.
Homeowner A has lived at 25 Pine Drive for 12 years. Although he stays at his vacation cottage in another town for up to three months out of each year (sometimes more), 25 Pine Drive is his principal residence, where he lives most of the time. When he sells the home, Homeowner A (filing as a single individual) can keep up to $250,000 in tax-free profit.
Homeowner B buys 108 Maple Street, intending to live there. He rents it out while waiting to sell his current home, where he has lived for six years. His principal residence sells at the end of two years. Homeowner B moves into his new house, lives there for three months, and then decides to travel. After a six-month trip, he regrets buying 108 Maple Street and sells it. Even though he has owned the house on Maple Street for over two years, it won't qualify as "owner-occupied", because he only lived in it for a few months. Thus Homeowner B is not eligible to claim the tax exemption when he sells the house on Maple Street.
Consult your tax advisor for advice about your particular circumstance.
 |
See All Tips In The "First Time Buyers" Category > |
|
|
See Complete Library Of Hundreds Of Tips In 30+ Categories > |
Real Estate Trivia
| Q | During what great land boom (1919) did investors pay up to $25,000 for lots that had not yet been dredged up from the ocean? |
| A | The Florida Land Boom--Carl Fisher founded Miami Beach that year and brought hundreds of investors to the state. |
| See More Real Estate Trivia > |
|
|
|
www.KarenSellsFoothillCommunities.com
is brought to you by Karen Angona, real estate for
Claremont, Upland, and Rancho Cucamonga, California
Read Karen Angona's Privacy Guarantee, Terms of Service, and Free & Without Obligation Pledge
NUMBER1EXPERT®
© Homes Media Solutions™, a division of Dominion Enterprises and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.
- NUMBER1EXPERT® 