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Home Sales and Stats as well as Neighborhood information for Nashville, Brentwood and Franklin 

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Real Estate Tips
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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Real Estate Trivia
Q 
What 1982 thriller featured a house that was supposedly haunted because it had been built on the site of an ancient burial ground?

A 
Steven Spielberg's "Poltergeist"was filmed in an actual home on Roxbury Street in a normal residential suburb in California's Simi Valley.
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Photos courtesy of Neil Brake/Vanderbilt University
JoAnne Staler, REALTOR®, real estate agent and broker for Nashville, Brentwood and Franklin Tennessee home listings, property and land for sale - NUMBER1EXPERT(tm)

JoAnne Staler
Rochford Realty Company

6500 Stableford Lane
Franklin, TN 37069
TN RE license #00253601
Main Office / Pager: (615) 673-9150
Direct: (615) 319-3019
Toll Free: (888) 801-2666
Fax: (615) 673-9152
JoAnne@JoAnneStaler.com

JoAnne Staler has been proudly serving the Middle Tennessee area for over 13 years. During this time she has developed an effective and comprehensive marketing plan that has given her a reputation for excellent service. She is a longtime resident of the area and has gained an in-depth understanding of the market and of the rapid growth that is transforming Nashville and the surrounding areas. Right now is a wonderful time to take advantage of the opportunities presented by the changing market in Middle Tennessee. Call me today to discuss my in-depth marketing plan and to get a hassle-free current market analysis of your property or the latest listings for sale.

ABRCRSGRIREALTOREqual HousingERC


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