Glenview, Northbrook and Wilmette real estate and homes for sale in Illinois, luxury homes, professional relocation - The Marla Schneider Team, REALTORS® The Marla Schneider Team REALTORS(r) for Glenview, Northbrook and Wilmette, Illinois real estate, luxury homes, professional relocation - NUMBER1EXPERTS™ The Marla Schneider Team NUMBER1EXPERTS(tm) for Glenview, Northbrook and Wilmette, Illinois real estate, luxury homes, professional relocation
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The Marla Schneider Team, REALTOR®, real estate agents and broker for Glenview, Northbrook and Wilmette Illinois home listings, property and land for sale - NUMBER1EXPERT(tm)


All agents are NOT alike! Find out why we are top Chicagoland Real Estate experts. Call us: 847-657-3790.


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Real Estate Tips
Tax Considerations >Taxable Profits

If you are thinking of selling your home and your house has risen in value since you purchased it, or you have accumulated a lot of deferred profit from previous sales, the Taxpayer Relief Act passed in 1997 could be of tremendous value.

Prior to this law, when a homeowner moved to a smaller home, relocated to a less costly area, or made a decision to rent, they were left with unfavorable tax consequences. The old tax law allowed people who sold their homes to defer tax on any profit by buying a replacement home of at least equal value within two years. At age 55, they could permanently escape tax on up to $125,000 of profit, but any profit in excess of that amount was taxable unless a new home was bought.

The good news is that with homes sold after May 6, 1997, homeowners can make as much as $500,000 tax-free profits on the sale of a principal residence for joint filers or $250,000 for single filers. The $500,000 capital gains exclusion removed taxes as a consideration for most home sellers by giving them flexibility to trade up or down. It has also allowed homeowners to preserve the savings value of a home when they sell, provided they use the property as their principal residence for two of the prior five years prior to the sale.

Consult your tax advisor for your particular circumstance.

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Real Estate Trivia
Q 
Where is the world's oldest hotel?

A 
The Hotel Ryokan in the village of Awazu, Japan dates back to AD 717, when an inn was built near a hot spring reported to have miraculous healing properties.
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The Marla Schneider Team, REALTOR®, real estate agents and broker for Glenview, Northbrook and Wilmette Illinois home listings, property and land for sale - NUMBER1EXPERT(tm)

The Marla Schneider Team
Coldwell Banker

1420 Waukegan Rd.
Glenview, IL. 60025
Phone: 847-657-3790
Cell: 847-682-9750
Fax: 847-724-5811
Email: Marla.Schneider@cbexchange.com

We are a full service team to fulfill all your glenview real estate needs as well as the entire north shore and to provide you with a smooth move.

CRS REALTOR Equal Housing


Coldwell Banker real estate and homes for sale in Glenview, Northbrook and Wilmette Illinois

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