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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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Real Estate Trivia
Q 
What economic factor can make the purchase of a home an excellent long-term investment?

A 
Home price appreciation can result in a substantial return on the buyer's investment as a house increases in value over time.
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Demetria's Team, REALTORŪ, real estate agents and broker for Portland, Falmouth and Gorham Maine home listings, property and land for sale - NUMBER1EXPERT(tm)

Demetria's Team
Demetria's Team--The Real Estate Group

347 Main Street
Gorham, Maine 04038
207-780-8800
800-864-5122
207-839-5122
Fax: 1 866 868-0188
Email: demetria@godemetria.com

Demetria Chadbourne is the Award-Winning Agent that can help you with all of your Real Estate Needs! After 13 years as the Top ERA Agent in the state of Maine she opened the doors of her own Real Estate firm in January 2003! (She was also in the Top 5 of ERA agents in the U.S!) Demetria has a Team of licensed real estate agents who will work to help you not only find the home that fits your needs and desires, but to provide you professional, honest, and ethical assistance.

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