Mustang and Padre Island homes, condos and home sites. Port Aransas real estate, Port Aransas realtors, Port Aransas investment properties, Tx homes, Tx properties, NUECES homes, NUECES realtors, NUECES county homes
Appreciation on a homestead is not to be feared. Married taxpayers filing jointly can avoid paying any tax on their principal residence up to $500,000 of gain when they sell their home.The gain exclusion for single taxpayers is $250,000. However, all gain is taxable if the residence was acquired during the previous five years as part of a tax-free-like-kind exchange.
What property qualifies as a Primary Residence?
There are two tests for this:
1. You must have owned the home for at least two of the last five years ,and
2. Lived in the home as your primary residence for at leas two of the last five years.
Your primary residence need not be a traditional home. It can be a boat, a mobile home, a condominium or even a fractional percentage of an investment property that is used as your primary residence.
Exceptions to the Two Year Requirements:
1. A change in employment, (can be voluntary), or
2. Health, or
3. Circumstances provided for in the regulations.
If you have a home that is your principle residence or a second home on which you stand to make substantial capital gains if you sell, give me a call and let's explore your options.
** To request more info, please fill out the following form:
