Manchester, Bedford and Hooksett real estate and homes for sale in New Hampshire - Jennifer Scully-Moynihan, REALTOR® Jennifer Scully-Moynihan REALTOR(r) for Manchester, Bedford and Hooksett, New Hampshire real estate - NUMBER1EXPERT™ Jennifer Scully-Moynihan NUMBER1EXPERT(tm) for Manchester, Bedford and Hooksett, New Hampshire real estate
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Jennifer Scully-Moynihan, REALTORŪ, real estate agent and broker for Manchester, Bedford and Hooksett New Hampshire home listings, property and land for sale - NUMBER1EXPERT(tm)
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Real Estate Tips
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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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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Jennifer Scully-Moynihan, REALTORŪ, real estate agent and broker for Manchester, Bedford and Hooksett New Hampshire home listings, property and land for sale - NUMBER1EXPERT(tm)

Jennifer Scully-Moynihan
RE/MAX Omega Group

23 West Webster Street
Manchester, NH. 03104
Office: (603) 622-2200 ext. 202
Fax: (603) 218-6240
Email: jenmoynihan@hotmail.com

Born and raised in Manchester, NH, Jennifer has been professionally servicing her community for the past 24 years. As a result of her hard work and dedication, She has consistently ranked within the top three agents of Board of Realtors for number of sales closed, volume of sales closed, and number of co-broker transactions since 1989.

ABR CRS GRI


RE/MAX Omega Group real estate and homes for sale in Manchester, Bedford and Hooksett New Hampshire

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