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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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John DeSmedt
Keller Williams
19721 Bethel Church Road
Cornelius, NC 28031
704-999-0896
Fax: 704-235-1901
JohnDeSmedt@NUMBER1EXPERT.com

John DeSmedt is more than a Realtor. John is a highly trained “Real Estate Specialist” with many years of valuable expertise. He has dealt with buyers and sellers from all walks of life and an assortment of needs. If you are relocating to the Carolina's, John can help you with all your real estate needs. John’s “Number 1 Expert" website provides excellent information regarding all areas of real estate in the Carolina’s. Whether you’re considering Charlotte, Cornelius, Concord or Lake Norman, these are just a few cities plus many more on our website. Our website allows home buyers to sign up to receive all the latest listings in any of the areas you choose. John’s attention to detail makes purchasing a home a pleasurable experience. Perhaps you’re interested in selling your home in the Carolina’s. John has a state of the art home selling system called the “Ultimate Home Marketing Strategy". It’s second to none, and has proven to be extremely successful in finding that qualified buyer. On a personal note I currently reside in the Cornelius area with my wife Judy and our two children Erica and Jimmy. We are very proud to be living in the Carolina’s. This is a very family oriented area and those of you that are looking to move here I’m sure will agree. I strongly believe in giving each and every client exceptional service with an unparallel commitment to my clients satisfaction. I hope you will afford me that opportunity.
Sincerely,
John Desmedt

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