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Thanks again for all your efforts in our behalf! Just wanted to let you know we are having a ball with the cabin! Mary Jean and Bill Roeber Read Quote > View All Quotes >
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Looking for homes? Search everything the web has to offer, right here! Don't miss our Feature Homes. Need local real estate information? We've summarized much of what is important about the Tuolumne County area. From Sonora to Twain Harte, from Twain Harte to Pinecrest Lake you can find all about the real estate market in this site. Need expert advice? No web site, large or small, can take the place of a top real estate agent. Not even ours! This site is filled with ways that you can contact us for one-on-one expert help and advice. That's our job. Contact us with confidence! We guarantee your privacy will be respected. And we offer the services on this site for free and without obligation. Why? We want to be YOUR real estate agents. As your trusted, professional real estate partners, we will help you find the best home in your area within your price range. And together we will sell your home, for as much as the market will bear, and as quickly as possible. Buying and selling a home is one of the biggest events in your life. As one of the top Tuolumne County real estate agents, we have the experience and track record you are looking for. Please let us help. - Melissa Oliver and The O Team Broker Associate with PMZ Real Estate  |
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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.
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| Q |
What Hollywood star made the first footprint outside Grauman's Chinese Theater?
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Norma Talmadge accidentally stepped in wet concrete outside the building in 1927. |
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Wells Fargo Home Mortgage See what Max from Wells Fargo Home Mortgage can do .for you Find Out More >
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