Greenwood real estate and homes for sale in South Carolina - Jane Burgdorf, REALTOR® Jane Burgdorf REALTOR(r) for Greenwood, South Carolina real estate - NUMBER1EXPERT™ Jane Burgdorf NUMBER1EXPERT(tm) for Greenwood, South Carolina real estate
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Jane Burgdorf, REALTOR®, real estate agent and broker for Greenwood South Carolina home listings, property and land for sale - NUMBER1EXPERT(tm)
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Real Estate Tips
First Time Buyers >Your Principal Residence

The Federal Tax Code allows married taxpayers to exclude from capital gains taxes up to $500,000 in profits from selling a home (singles can exclude $250,000). In order to qualify for this exemption, you must prove that that the home has been your principal residence for at least two out of the last five years. The establishment of the home as a principal residence depends on the facts of each homeowner's circumstance. Here are two cases to consider.

Homeowner A has lived at 25 Pine Drive for 12 years. Although he stays at his vacation cottage in another town for up to three months out of each year (sometimes more), 25 Pine Drive is his principal residence, where he lives most of the time. When he sells the home, Homeowner A (filing as a single individual) can keep up to $250,000 in tax-free profit.

Homeowner B buys 108 Maple Street, intending to live there. He rents it out while waiting to sell his current home, where he has lived for six years. His principal residence sells at the end of two years. Homeowner B moves into his new house, lives there for three months, and then decides to travel. After a six-month trip, he regrets buying 108 Maple Street and sells it. Even though he has owned the house on Maple Street for over two years, it won't qualify as "owner-occupied", because he only lived in it for a few months. Thus Homeowner B is not eligible to claim the tax exemption when he sells the house on Maple Street.

Consult your tax advisor for advice about your particular circumstance.

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Jane Burgdorf, REALTOR®, real estate agent and broker for Greenwood South Carolina home listings, property and land for sale - NUMBER1EXPERT(tm)

Jane Burgdorf
RE/MAX Action Realty

500 B Montague Ave
Greenwood, SC. 29649
864-942-8982
864-993-3035
Fax: 864-942-8999
Email: jburgdorf@NUMBER1EXPERT.com

Jane is a 29-year veteran in the real estate business in Greenwood. She has two licensed associates on her team – her husband Gus and Charlotte Vande Velden. She is one of two realtors in Greenwood who holds the designation of Certified Relocation Professional (CRP). The training to achieve this designation equips her for corporate relocation – nationally and internationally. The community has selected her on several occasions as “The Realtor of Choice”. A large percentage of Jane’s business is previous satisfied clients-or referrals from them. Jane would appreciate the opportunity to help you sell your house or help you find the home that satisfies your needs. Call or e-mail Jane today!

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RE/MAX Action Realty real estate and homes for sale in Greenwood South Carolina

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