House values change with time depending on the economic coditions, that can be
up or down.
An appraisal is an estimate of value of real estate, the appraisal report stating and
supporting the estimated value of realty.
Legislation included in the 1997 federal budget made significant changes that
improve a homeowner's ability to profit from the sale of real estate. The capital
gains tax exclusions on the sale of a principal residence is just one of several
benefits for homeowners. When you sell a home you have owned and use for two
of the five years prior to the sale, married couples are allowed to keep up to
$500,000 in tax-free profits and taxpayers filling as singles can keep up to
$250,000 before paying capital gains tax.
New $8,000* Tax Credit
For 2009, Congress has enacted an $8000 credit specifically to help first-time
homebuyers. To qualify, you can earn no more than $75,000 as an individual or
$150,000 as a married couple that files a joint tax return. If you do qualify, you will
be able to deduct the full $8,000 from your federal tax liability. Or, if you owe less
than $8,000, the government will subtract the amount you owe from $8,000 and
send you a check for the difference. Only first-time homebuyers who purchase
their principal residence on or after January 1, 2009 and before December 1, 2009
are eligible. You will also be considered a first-time buyer if you have not had any
ownership interest in such a home in the three years previous to the day of your
Consult your tax advisor for advice regarding your particular circumstance.
Real Estate Information
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