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WHY ARE WE TOP AGENTS FOR BUYERS AND SELLERS IN THE BRENTWOOD, FRANKLIN, NASHVILLE TN AREA? WE TAKE GREAT CARE OF OUR CUSTOMERS! CALL 615-351-1202.
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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. Find Out More > View All Offers >
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Brentwood, Franklin, Nashville and Williamson County Photo Gallery Request my Free Brentwood, Franklin and Williamson County Relocation Package. It's packed full of useful and important information about the Brentwood, Franklin and Williamson County, Tennessee area. Don't move here without it! Remember: I'll send it to you for free and without obligation. Just fill out the form and I will send it right out... We understand that you may be in the information-gathering stage and may not be ready to open up about who you are or your real estate needs at this time. If you are not comfortable providing all your contact information that is perfectly OK. Just enter your name and e-mail address so we can send you the material you requested. Please be assured that your privacy will be kept sacred and your information will never be shared with any third party. 
First Time Buyers >Your Principal Residence
The Federal Tax Code allows married taxpayers to exclude from capital gains taxes up to $500,000 in profits from selling a home (singles can exclude $250,000). In order to qualify for this exemption, you must prove that that the home has been your principal residence for at least two out of the last five years. The establishment of the home as a principal residence depends on the facts of each homeowner's circumstance. Here are two cases to consider.
Homeowner A has lived at 25 Pine Drive for 12 years. Although he stays at his vacation cottage in another town for up to three months out of each year (sometimes more), 25 Pine Drive is his principal residence, where he lives most of the time. When he sells the home, Homeowner A (filing as a single individual) can keep up to $250,000 in tax-free profit.
Homeowner B buys 108 Maple Street, intending to live there. He rents it out while waiting to sell his current home, where he has lived for six years. His principal residence sells at the end of two years. Homeowner B moves into his new house, lives there for three months, and then decides to travel. After a six-month trip, he regrets buying 108 Maple Street and sells it. Even though he has owned the house on Maple Street for over two years, it won't qualify as "owner-occupied", because he only lived in it for a few months. Thus Homeowner B is not eligible to claim the tax exemption when he sells the house on Maple Street.
Consult your tax advisor for advice about your particular circumstance.
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| Q |
What oceanfront area is currently the most popular choice among people searching for second homes and vacation homes?
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| A |
According to statistic published early in 2005, the Florida coast is the most sought-after vacation and retirement destination in the United States.
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