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Buyers Want Your Home for as Little as Possible.
Are you thinking of selling your home? You should know exactly what it's worth before making such an important decision.
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"Our goal at TEAM M.C. REAL ESTATE is to provide you with exceptional real estate services. We are 100% committed to serving your needs both professionally and personally and hope that you are so impressed with our service that you refer us to family and friends.
TEAM M.C. REAL ESTATE has been a residential real estate sales leader in the Chico area since 1990. We've served nearly 800 clients and on average sell a house every 8 days. We're proud of our accomplishments but more proud of the way in which we serve our clients.
If you're looking to buy or sell real estate in the Chico area and would like more information about our Premium Services please give us a call. We are currently accepting new clients.
Thanks in advance for the opportunity to serve you. We consider it a privilege."
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TEAM M.C.
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Tax Considerations >Your Tax Free Profits
Significant tax reform legislation was signed into law with the Taxpayer Relief Act of 1997. This legislation replaced both the one-time $125,000 tax-free exclusion for homeowners aged 55 and older, and the "rollover" deferment of capital gains tax requiring the purchase of a replacement home of higher or equal cost within two years of the sale of your principal residence.
With this change, a married couple filing their taxes jointly pays capital gains taxes only on that portion of home sales profits that exceeds $500,000. Single taxpayers, heads of households, and married persons filing separately may exclude up to $250,000. The exclusion is available for all sales of homes that occurred on or after May 6, 1997. Homeowners can use this tax-free provision every two years.
You are allowed to keep these tax-free profits only if you have owned and used the home as your principal residence for two out of the five years prior to the sale of the property. Although the regulations do not require continuous occupancy, the IRS specifies that your principal residence must be the home you use for the majority of time during the year. Consult your tax advisor about your personal circumstance.
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| Q |
What is considered one of the greatest U.S. construction projects that was also of great strategic importance to the U.S.?
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| A |
The Panama Canal, begun in 1904 and completed in August, 1914, which cost $366,650,000. |
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