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 Looking for homes? Search everything the web has to offer, right here! Don't miss our Feature Homes. Check out our show every other Friday on WMT-600 at 9:00 a.m. Need local real estate information? The Graf Home Selling Team has Summarized much of what is important about the Cedar Rapids, Ia. Hiawatha, Ia., Marion, Ia. and Robins, Ia. real estate market in this site. Need expert advice? No web site, large or small, can take the place of a 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. The Graf Home Selling Team has the experience and track record you are looking for. - Mike & Teri Graf
Tax Considerations >Tax Implications of Selling Your House Most of my clients profit from selling their homes, and they often have questions about capital gains tax.
When you sell your primary residence, you are not taxed on your profit if (1) you have lived in the home for two out of the last five years and (2) your gain does not exceed $250,000 as a single taxpayer or $500,000 as a married couple filing jointly. Gains above these limits are taxed at the current rate of 15% for higher income taxpayers and 5% for lower income taxpayers. In 2008 the 15% rate will continue for higher income taxpayers; while the 5% lower income rate will drop to 0% for the 2008 tax year only. On January 1, 2009, the long-term capital gains tax rates will once again be 15% and 5% through 2010.
Homeowners can use this tax-free provision every two years. As set forth in the American Job Creation Act of 2004, properties converted from a 1031 exchange property into a primary residence must be held and used as a primary residence for at least five years to qualify for the tax exemption.
Consult your tax accountant for more detailed information regarding your particular circumstance.
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Which law allows a person to give another individual up to $10,000 a year without any tax consequences?
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| A |
The Federal Gift Tax Law allows both parents to give a child (or anyone) $10,000 each in one year. |
 See More Real Estate Trivia > |
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Mike and Teri Graf
Graf Home Selling Team
5408 Blairs Forest Way NE
Cedar Rapids, IA 52402
Primary Phone: 319-491-0000
Mike's Cell: 319-981-3702
Teri's Cell: 319-981-1748
Fax: 319-362-0850
INFO@GHST.COM
Welcome! View the Graf Home Selling Team, A TEAM THAT HAS EARNED DIAMOND NUMBER ONE EXPERT RECOGNITION!!. Here You Can Find Great Information on Cedar Rapids, Hiawatha, Marion, Robins, and surrounding area homes for sale! LISTEN TO US LIVE EVERY OTHER FRIDAY ON WMT AM 600 and remember, SOLD in 120 days or WE BUY IT!! WE ARE THE REAL DEAL! EXPERIENCE MATTERS, PROVEN RESULTS. CALL US TODAY!   
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