Selling Your San Diego Home
“We bought a new condo a year and a half ago. We just had a baby and want to sell and get into a house. We’ll make 0K profit after expenses. My question is whether we must wait until the two year mark before we sell so that we can avoid paying taxes on our gain?”
***ANSWER:
Great question!
For the full exemption, you must own and live in your home as your “principal residence” for at least 2 of the past 5 years. There are exceptions in which you can get a partial tax exemption. These exceptions include certain unforeseen changes in job, health, finances, family status, or family responsibility (including multiple births or caring for a relative).
If you sell your condo now, you’ll pay up to 24.3% in taxes (15% fed & 9.3% Calif.) on your gain or profit. Many people confuse “profit” with “net”, but they’re not the same.
In most cases, here’s how you figure out your profit:
Sale Price
- Purchase Price
- Purchase Costs
- Improvements
- Selling Costs
————————
= PROFIT
If you need more info on whether you qualify for any of the exemptions, want to discuss selling your home, or have other questions, call or email me…
April 12th, 2007 at 6:45 am
New Web Giant Launches Portal Site – Plans on Dominating Web-based Real Estate Sector
04/12/2007
Chicago, IL based Profertee Realty Group, inc launches its much anticipated real estate portal site (www.profertee.com) Monday morning. Partnering with Melville, NY based American Home Mortgage(NYSE: AHM) and Home Buyers Marketing inc, Profertee’s site is boasting access to over 3.6 million real estate listings nation wide, as well as various premium new construction developments located in Orlando, Las Vegas, and Chicago, just to name a few. Profertee’s mission is to offer a free, user-friendly real estate shopping experience, while also providing additional value-added features such as investment groups, home-valuation tools through Zillo integration, useful real estate investing strategies, and free mortgage quotes through American Home’s retail channels. “We are truly a one-stop-shop”, says Profertee CEO Rhoniel Daguro. “The site has everything a user could want, but we really wanted to feature the premier new construction developments. That is something that no one is really organizing online, and we’ve taken things one step further by forming buyers into investment groups, giving them access to considerable savings at the various developments.”
Profertee also provides local one-on-one services through the thousands of realtors approved with Home Buyers Marketing, inc. Users can create an account on www.profertee.com to search over 3.6 million listings for a home anywhere in the US and still deal with a local partner agent once they are closer to buying. It is in this way that Profertee is providing the best of both worlds: the power of the internet + traditional local realtor partners. Navigate to www.profertee.com today and test drive their site. Also stay tuned for our follow up segment on Profertee in June.
Profertee – Prosperity in Property: Exclusive New Developer Condos http://www.profertee.com