Staunton and Waynesboro real estate and homes for sale in Virginia - Willie Roberts, REALTOR® Willie Roberts REALTOR(r) for Staunton and Waynesboro, Virginia real estate - NUMBER1EXPERT™ Willie Roberts NUMBER1EXPERT(tm) for Staunton and Waynesboro, Virginia real estate

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Willie Roberts, REALTORŪ, real estate agent and broker for Staunton and Waynesboro Virginia home listings, property and land for sale - NUMBER1EXPERT(tm)
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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 information does nearly every state in America require the seller of a home to reveal to the buyer?

A 
Most states require disclosure of any existing problems or conditions that could affect the value of the house.
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Willie Roberts, REALTORŪ, real estate agent and broker for Staunton and Waynesboro Virginia home listings, property and land for sale - NUMBER1EXPERT(tm)

Willie Roberts - Associate Broker
Better Homes and Gardens Real Estate III

17 Parkway Lane
Fisherville, VA 22930
Direct Line: 540-213-4613
Toll Free: 1-800-327-3433
Cell: 540-241-1919
Fax: 540-886-5248
Email: WillieRoberts@NUMBER1EXPERT.com
willierober@yahoo.com

I have had the pleasure of being a full time Real Estate professional as a Realtor and Associate Broker with over 19 years experience with residential and investment properties here in the beautiful Shenandoah Valley. I serve the areas of Waynesboro, Staunton, Stuarts Draft, Fishersville and all of Augusta County. I love this entire area and it is my mission to link you together with your perfect home or property. For those of you who need help selling your home, I have many, many buyers looking - and maybe your house will be perfect for them! I help my clients with my vast knowledge of the local market, advanced real estate education and a genuine desire to make your move as smooth and enjoyable as possible. With over 19 years of success and a member of an aggressive, dynamic sales team, a few of my Real Estate accomplishments include "The Code of Ethics Award", "Million Dollar Producer Award", "Circle of Excellence for Outstanding Production", "The Service Award" and a Graduate of Realtors Institute. Having these accredited accomplishments enables me to have tremendous amounts of energy and dedication to "go the extra mile" providing my clients with only the highest quality of service. I pride myself on the fact that many of my clients end up becoming close friends! I invite you to visit my web site, get to know me, check out our area, then give me a call or drop me an email. I look forward to seeing how we can work together.

CBR CNHS Equal Housing GRI MLS REALTOR RELO SRES


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