Silver Spring real estate and homes for sale in Maryland - Mike and Amy King, REALTORS® Mike and Amy King REALTORS(r) for Silver Spring, Maryland real estate - NUMBER1EXPERTS™ Mike and Amy King NUMBER1EXPERTS(tm) for Silver Spring, Maryland real estate
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Real Estate Tips
Tax Considerations >Taxpayer Relief

Legislation included in the 1997 federal budget made significant changes that improve a homeowner's ability to profit from the sale of real estate. The capital gains tax exclusions on the sale of a principal residence is just one of several benefits for homeowners. When you sell a home you have owned and use for two of the five years prior to the sale, married couples are allowed to keep up to $500,000 in tax-free profits and taxpayers filing as singles can keep up to $250,000 before paying capital gains tax.

Long-term capital gain is also taxed at lower rates as a result of the Jobs and Growth Tax Relief Reconciliation Act passed in 2003. The maximum capital gains tax rates dropped from 20% to 15% and from 10% to 5%, effective for sales and exchanges taking place on or after May 6, 2003 and through December 31, 2007. In 2008 the 15% rate continues for higher income taxpayers, while the 5% rate for lower income taxpayers drops to 0%, but only for the 2008 tax year. On January 1, 2009, the 10% and 20% rates will be reinstated.

Consult your tax advisor for advice regarding your particular circumstance.

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Real Estate Trivia
Q 
What price range is considered upscale or high-end in residential real estate?

A 
The price range varies depending on the local market, but upscale homes are in the top 10% of an MLS area's annual home sales.
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Mike and Amy King, REALTORŪ, real estate agents and broker for Silver Spring Maryland home listings, property and land for sale - NUMBER1EXPERT(tm)

Mike and Amy King
King Real Estate, Inc.

15308 Morningmist Lane
Silver Spring, Maryland 20906
Office: 240-242-4346
Amy's cell: 301-467-1877
Mike's cell: 301-467-5677
Fax: 301-598-1446
Real Estate License: 5191
Email: king@NUMBER1EXPERT.com
Amy's email: amyking@mris.com
Mike's email: mking@mris.com

Amy & Mike King have 24 years of combined experience in the Real Estate, Mortgage and Home Building industries! Their specialty is Real Estate in Montgomery County, and they are #1 when it comes to helping families make a smooth transition when moving here. Amy & Mike are a successful team who work together with you and for you!

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King Real Estate

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