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All agents are NOT alike! Find out why we are top Chicagoland Real Estate experts. Call us: 847-657-3790.
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Buyers Want Your Home for as Little as Possible.
Are you thinking of selling your home? You should know exactly what it's worth, talk to a glenview real estate expert!!!
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"Dedicated, Personl, Professional, Relentless"
"They stuck with us every step of the way, and kept us informed at every point."
"Guy and Donna Leekley"
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The Marla Schneider Team are some of The Top Selling Real Estate Experts™
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"Professional"
"I want to thank you for the professional manner in which you and your team handled the sale of my home. I found you accesible and very nice to deal with. I thought you were efficient and I feel that you got a very good price for the home."
"Carolyn Lovering"
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Tax Considerations >Your Tax Free Profits
Significant tax reform legislation was signed into law with the Taxpayer Relief Act of 1997. This legislation replaced both the one-time $125,000 tax-free exclusion for homeowners aged 55 and older, and the "rollover" deferment of capital gains tax requiring the purchase of a replacement home of higher or equal cost within two years of the sale of your principal residence.
With this change, a married couple filing their taxes jointly pays capital gains taxes only on that portion of home sales profits that exceeds $500,000. Single taxpayers, heads of households, and married persons filing separately may exclude up to $250,000. The exclusion is available for all sales of homes that occurred on or after May 6, 1997. Homeowners can use this tax-free provision every two years.
You are allowed to keep these tax-free profits only if you have owned and used the home as your principal residence for two out of the five years prior to the sale of the property. Although the regulations do not require continuous occupancy, the IRS specifies that your principal residence must be the home you use for the majority of time during the year. Consult your tax advisor about your personal circumstance.
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| Q |
What is the largest home in Hollywood?
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| A |
The largest home in Hollywood is currently "The Manor" at 36,500 square feet, built by T.V. producer Aaron Spelling for $37 million. |
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