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Skippack, Harleysville and Montgomery County Information:
About Skippack, Harleysville and Montgomery County - Moving to Skippack, Harleysville and Montgomery County, Pennsylvania? Get info here... Things To Do - Click Here For More Information... School Reports - Reports for Skippack, Harleysville and Montgomery County schools kindergarten, elementary, and high schools. More School Reports - Click Here For More Information... Relocating? - Free real estate information & relocation package if you're relocating to Skippack, Harleysville and Montgomery County, in Montgomery County PA. Go to Main Sitemap - Main sitemap sections include Find Skippack, Harleysville and Montgomery County Homes, For Home Buyers, For Home Sellers, Skippack, Harleysville and Montgomery County Information, Real Estate Resources, and About The Cindy Wadsworth Team.
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Tax Considerations >Taxable Profits
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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| Q |
What is the most common name for a city in the United States?
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| A |
Fairview is the most common city name, according to the 1996 Top Ten of Everything Book. |
 See More Real Estate Trivia > |
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The Cindy Wadsworth Team
Keller Williams Real Estate
910 Harvest Drive - Suite 100
Blue Bell, PA 19422
(Each Office Independently Owned & Operated)
Direct:: 215-264-6727
Office: 215-646-2900
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Licensed PA Realtors
Cindy Wadsworth's License #RS179964L
Harry Green's License #RS288663
Lynne Green's License #RS290351
Christina Brown's License #RS289762
Harold "Howie" Riley's License #RM420278
   
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