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If you are thinking of selling your home and your house has risen in value since you purchased it, or you have accumulated a lot of deferred profit from previous sales, the Taxpayer Relief Act passed in 1997 could be of tremendous value.

Prior to this law, when a homeowner moved to a smaller home, relocated to a less costly area, or made a decision to rent, they were left with unfavorable tax consequences. The old tax law allowed people who sold their homes to defer tax on any profit by buying a replacement home of at least equal value within two years. At age 55, they could permanently escape tax on up to $125,000 of profit, but any profit in excess of that amount was taxable unless a new home was bought.

The good news is that with homes sold after May 6, 1997, homeowners can make as much as $500,000 tax-free profits on the sale of a principal residence for joint filers or $250,000 for single filers. The $500,000 capital gains exclusion removed taxes as a consideration for most home sellers by giving them flexibility to trade up or down. It has also allowed homeowners to preserve the savings value of a home when they sell, provided they use the property as their principal residence for two of the prior five years prior to the sale.

Consult your tax advisor for your particular circumstance.

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Marlene Goldberg, Realtor, GRI
Prudential Fox and Roach Realtors
500 Old York Road, Suite 200
Jenkintown, PA 19046
215-517-6362
marlene@marlenegoldberg.com

Marlene has been licensed in Pennsylvania since 1984 and brings her extensive skills to every real estate transaction. She has helped over 900 families buy and sell their homes as well as helping many investors purchase real estate as a part of their total financial portfolio. She is a multi-million dollar top producer marketing the tri-county areas of Philadelphia, Bucks, and Montgomery Counties. Marlene is a past director of the Multiple Listing Service for the Philadelphia Board of Realtors. She has also educated and trained real estate salespersons for careers in real estate.

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