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Real Estate Tips

Welcome > Resources > Tips > Tax Considerations > Beneficial Tax Laws ...

Beneficial Tax Laws

American tax law offers a significant capital gains tax exemption that allows taxpaying homeowners to unlock home equity and end the spiraling cycle of "investing up." First-time buyers enjoy expanded rules for Individual Retirement Accounts (IRA) and 401(k) plans, rules that allow penalty-free withdrawals to purchase a home.

Every two years, married sellers of principal residences who file joint federal income tax returns are allowed a $500,000 exclusion ($250,000 for singles) from capital gains tax. For sales that took place after May 6, 2003, the maximum capital gains tax rates for profits above the exclusion dropped from 20% to 15% for higher income taxpayers, and from 10% to 5% for lower income taxpayers.

Homeowners can now consider several new options. People who find themselves at an empty-nester stage (no children at home) in a four or five bedroom home with a large equity have been able to unlock their equity dollars, using the income to help their children buy a first home, take a luxury cruise, remodel the house or purchase a second home for vacation or retirement.

Consult your tax advisor for advice regarding your particular circumstance.




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I've learned these tips through years of experience as a top Realtor. But I know that YOUR situation might be different. That's why I'm here. 

It's my job to personally advise homebuyers and sellers. Ask me if any tip that I've included here really applies to your situation. 

If you have any questions about these tips - or other tips you may have heard elsewhere - ask me! I'll respond quickly, for free, and without obligation...
 

 

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Real Estate Trivia
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Where is the world's oldest castle located?

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The castle at Gomdan, Yemon, dating from before A.D. 100, is considered the oldest castle; it originally had 20 stories.
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Brenda Fontaine, REALTOR®, real estate agent and broker for Lewiston, Auburn, Lisbon and Southern Maine, Maine home listings, property and land for sale - NUMBER1EXPERT

Brenda Fontaine
Fontaine Family - The Real Estate Leader

336 Center Street
Auburn, ME. 04210
Office: 207-784-3800
Fax: 207-786-2957
Email: WebForm@FontaineTeam.com

Brenda Fontaine became a Real Estate Agent in 1983. Brenda has helped over 5000 families buy and sell their home. Brenda ranked NUMBER 1 for a nationwide franchise for "Top All Around Realtor" for 6 years. Brenda's success is due in part, to her caring attitude, her consistent follow through and also her strong work ethic. Brenda is supported by an experienced and dedicated team of licensed professionals that consist of a client care manager, Melissa Field, marketing manager, Crystal Bergeron, showing/feedback coordinator, Angie Larochelle, field Coordinators, Claude Fontaine & Tammy Soucy, listing manager, Marie Beaulieu, Business Development, Karen Gruver and ten Listing & Buyer agents, Bill Bergeron, Clayton Larochelle, Beth Favreau, Deb Morin, Nick Trider, Harriet Cummings, Pat Long-Cressey, Chad Sylvester, Nate Rudy, Cindy Morin & Jeanne Martin. The Family team of nineteen licensed professionals work together to help families buy and sell their property. They want to be your "Realtors for life" and they will give you superior service to earn that honor. The Wall Street Journal recently posted America's Top Performing Real Estate Professionals on their website. (wsj.com) Amongst the top 1,000 is local real estate team of professionals The Fontaine Family Team who ranked 46th on America's Top Performer list, located at 336 Center St. Auburn, ME 04210

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