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Tarun Khushalani and Razi Ahmed
All agents are NOT alike! Find out why we are top real estate experts. Call us: Tarun 718-506-4142 Razi 917-687-1747

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Real Estate Tips
Tax Considerations >Tax Rewards for Homeowners

The Federal Tax Code has significantly improved the American taxpayer's ability to profit by selling a principal residence. Prior to 1997, homeowners could take advantage of a tax benefit termed the "rollover", which granted exemption from capital gains taxes on the net profit from the sale of a home. Homeowners who used profits to purchase a bigger and better home did not have to pay tax. And homeowners over the age of 55 were given a once-in-a-lifetime exclusion from taxes on profits of up to $125,000 on the sale of their principal residence.

Compare those tax breaks with our current, streamlined and potentially more profitable arrangement that replaced both the rollover and the one-time exemption. If you are a married home-seller filing jointly, you may enjoy up to $500,000 in tax-free home sale profits, provided you have occupied the property as your principal residence during two of the last five years. Taxpayers who file singly get a $250,000 capital gains exclusion. Homeowners are eligible to exclude capital gains on the sale of a principal residence as often as once every two years.

The law allows capital gain exclusions whether you "buy up" to a more expensive home or "buy down" to a less expensive one. The tax-free dollars can be used in any way you want. Consult your tax advisor for detailed advice about your particular circumstance.

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Real Estate Trivia
Q 
What recent hit movie features a field trip scene that supposedly takes place at Columbia University in New York?

A 
The scene in the movie "Spider-Man", where Peter Parker shoots photos of Mary Jane and is bitten by the spider, was actually filmed in the Museum of Natural History in Los Angeles, California.
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Tarun Khushalani and Razi Ahmed, REALTOR®, real estate agent and broker for Jackson Heights, Woodside and East Elmhurst, New York home listings, property and land for sale - NUMBER1EXPERT(tm)

Tarun Khushalani and Razi Ahmed
Century 21 Best Inc.

76-26 Broadway
Elmhurst, NY 11373
Tarun Cell: 718-506-4142
Razi Cell: 917-687-1747
Fax: 718-457-2152
tarun&razi@NUMBER1EXPERT.com
Razi email: raziahmed101@hotmail.com
Taun email: c21Tarun@aol.com

Tarun and Razi are the top real estate agents at Century 21 Best located Queens. Century 21 has a reputation of buying/selling properties for over 47 years. Today, it is one of the largest in the area with over 120 agents in our office. The team of Tarun and Razi will empower you to make the best possible choices. They have access to experts in the industry. The team will ensure the highest quality of service throughout the entire process.

REALTOR


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