Welcome - Get the best real estate listings & homes for sale, expert advice, local info, and much more from a Cedar Rapids, Hiawatha, Marion and Robins, Iowa NUMBER1EXPERT(S) Top Selling real estate agent(s). Contact The Graf Home Selling Team today! Find Cedar Rapids, Hiawatha, Marion and Robins Homes - Find Cedar Rapids, Hiawatha, Marion and Robins, Iowa real estate listings & homes for sale provided by The Graf Home Selling Team, your local expert real estate agent(s). For Home Buyers - Get home buying information, the latest listings, mortgage information, expert advice, and much more from The Graf Home Selling Team, a Cedar Rapids, Hiawatha, Marion and Robins, Iowa NUMBER1EXPERT(S) Top Selling real estate agent(s). For Home Sellers - Get home selling information, fsbo information, expert advice, find out what your home and other homes in your neighborhood are selling for, and much more from The Graf Home Selling Team, Cedar Rapids, Hiawatha, Marion and Robins, Iowa NUMBER1EXPERT(S) Top Selling real estate agent(s). Cedar Rapids, Hiawatha, Marion and Robins Information - Find local information on Cedar Rapids, Hiawatha, Marion and Robins, Iowa including schools reports, local maps and links, things to do, area photos, and relocation information. Local information provided by The Graf Home Selling Team, NUMBER1EXPERT(S) Top Selling real estate agent(s). Real Estate Resources - Find real estate related resources including real estate news, tips, dictionary, trivia, mortgage calculators and information, local real estate related services, and much more from The Graf Home Selling Team, Cedar Rapids, Hiawatha, Marion and Robins, Iowa NUMBER1EXPERT(S) Top Selling real estate agent(s). About The Graf Home Selling Team - Information about The Graf Home Selling Team including testimonials, guarantees, credentials, and contact information. Learn about NUMBER1EXPERT(S) Top Selling real estate agent(s) like The Graf Home Selling Team in the Cedar Rapids, Hiawatha, Marion and Robins, Iowa area. 
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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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What is arguably the world's strangest (and most dysfunctional) kitchen?
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In 1998 the Kemper Museum of Contemporary Art in Kansas City first displayed a kitchen made entirely of 40 million colored glass beads by artist Liza Lou of Topanga, California. |
 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
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