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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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Michael Flegel, P.A.'s
Homes to go Team
Keller Williams Realty Partners SW
2000 NW 150th Ave, Suite 2000
Pembroke Pines, FL. 33028
Phone: 954-805-3000
Fax: 1-866-905-5763
Email: homestogo@NUMBER1EXPERT.com
Michael's Email: michael@homestogoteam.com

The Homes to go Team of Keller Williams Realty Partners SW is a team of real estate consultants dedicated to making your real estate experience positive, painless and profitable. The Homes to go Team services Pembroke Pines ( a suburb of Fort Lauderdale and Miami) and the surrounding communities in Broward County of South Florida. Founders David Dangler and Michael Flegel, P.A. have drawn on their past experience in real estate, customer service and marketing to develop a team concept approach focused on achieving your real estate goals. Michael as Team Leader brings a strong background in service from the retail and restaurant industries as well as interior design experience. To assist homeowners in today's challenging market, Michael has obtained the "Certified Distressed Property Expert" certification. This heralds his training in the latest facets of the Short Sale options facing many sellers today. David represents his family’s third generation in real estate and with his decades of marketing and design experience, provides a fresh approach as Marketing Director. Together they have assembled a team of agents with one goal – your success! "Thank you for remembering the Homes to go Team the next time you hear of someone thinking about buying or selling a home."

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