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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Desiree Callender
Desiree Callender & Associates, Realtors
2905 Mitchellville Rd Suite 101
Bowie, MD 20716
Phone: 301-390-2832
Phone 2: 301-390-8244
Fax: 301-390-2584
301-390-8344
Email: DesireeCallender@NUMBER1EXPERT.com
Email: desiree@mris.com

Desiree Callender is the Broker/Owner of Desiree Callender & Associates REALTORS. She has been a full time Realtor for twenty-Five years and see's herself as a partner with consumers as they pursue their Largest investment. Her mind set of partnership has contributed to her consistent success and has placed her in the top 1% of all realtors in the nation. Desiree has also been recognized as the number one agent in Prince George's County and in her prior office. She was inducted into the Re/Max Hall Of Fame in 1997,the Prince Georges's County Association of Realtors Hall of Fame in 2003 and is a recipient of the prestigeous Re/max Lifetime Achievement award. Desiree is a hard worker and uses her Strategic marketing and Negotiation skills along with her Experience and knowledge to help her clients maximum on their largest investment. Closing over 1000 transactions and a consistent receipient of the highest annual production awards offered by her previous company (Re/Max) and the local board of Realtors, she continues to offer her clients OUTSTANDING SERVICE and RESULTS and would like to do the same for you.

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