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Welcome - Get the best real estate listings & homes for sale, expert advice, local info, and much more from The Chris Kare Home Team, a proven Orland Park, Frankfort and Tinley Park, Illinois NUMBER1EXPERT™ Top Selling real estate agent.
Find Orland Park, Frankfort and Tinley Park Homes - Find Orland Park, Frankfort and Tinley Park, Illinois real estate listings & homes for sale provided by The Chris Kare Home Team, your local expert real estate agent. Luxury Homes, New Construction
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Tax Considerations >Tax Implications of Selling Your House

Most of my clients profit from selling their homes, and they often have questions about capital gains tax. When you sell your primary residence, you are not taxed on your profit if (1) you have lived in the home for two out of the last five years and (2) your gain does not exceed $250,000 as a single taxpayer or $500,000 as a married couple filing jointly. Gains above these limits are taxed at the current rate of 15% for higher income taxpayers and 5% for lower income taxpayers. In 2008 the 15% rate will continue for higher income taxpayers; while the 5% lower income rate will drop to 0% for the 2008 tax year only. On January 1, 2009, the long-term capital gains tax rates will once again be 15% and 5% through 2010. Homeowners can use this tax-free provision every two years. As set forth in the American Job Creation Act of 2004, properties converted from a 1031 exchange property into a primary residence must be held and used as a primary residence for at least five years to qualify for the tax exemption. Consult your tax accountant for more detailed information regarding your particular circumstance.

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Q	Which hazardous substance is contained in sixty-four million houses and apartments?
A	HUD estimates that 64 million homes and apartments built before 1978 contain lead-based paint.
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The Chris Kare Home Team, REALTOR®, real estate agent and broker for Orland Park, Frankfort and Tinley ParkIllinois home listings, property and land for sale - NUMBER1EXPERT(tm)

Chris Kare Home Team
Dean Christofilos, Managing Broker Owner
Volo and Tinley Park Offices
Phone: 815-385-1500
Fax: 708-633-9341
Email: Dean@ChrisKareRealty.com
We are Real Estate Buying and Selling Experts. All our services are geared to help you, our valued client have a successful and pleasant experience.

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