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Do You Have a Real Estate Related Question? We Will Email You an Answer Quickly. As top Santa Cruz, Capitola and Aptos real estate experts, it's our job to help! Please take advantage of our experience and knowledge. Ask us anything about: - Any particular home that is or was on the market. - Neighborhoods and local market trends. - Local demographics and the economy. - Tricks and traps when buying real estate in this area. - Special tax considerations regarding real estate. - Specific questions about contracts, escrow, and closings. - Anything real estate! It's our job to know EVERYTHING about real estate! Ask us anything. There are no dumb questions! It's FREE, and we promise to get back to you quickly... 
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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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Who is "Fannie Mae" and why is she a big name in real estate?
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"Fannie Mae" is the real estate industry nickname for FNMA, or Federal National Mortgage Association, the stockholder-owned corporation that purchases mortgages from mortgage lenders. |
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The Sandy Team
Santa Cruz Properties
Hello and welcome. We're Sandy Kaplan & Sandy Mason, licensed Realtor® and Broker respectively. We're here to give you honest, friendly, focused, Santa Cruz real estate service. We specialize in residential sales, relocation, beach and mountain properties in beautiful Santa Cruz County and are a local, women-owned business. Sandy Kaplan is currently the President of The Santa Cruz Association of Realtors®. Sandy Mason received "Realtor® of the Year 2004" award from the Santa Cruz Chapter of the Women's Council of Realtors® in December. The difference (really) is...The Sandy Team!
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