|Meet Your Neighbors
|25-82 Steinway St, Astoria, NY 11103
|What are your Neighborhs Thinking|
|Will There ever be a better time to sell your home?|
| "As if the real estate market wasn't doing well enough, Congress has given taxpayers another incentive to sell their primary residence. Gone are the old rules and the one-time $125,000 excemption. Now taxpayers can exclude up to $250,000 ($500,000 for married couples jointly) of the gain from sale of their principal residence.
You must have used the home as a primary residence for two out the last five years, but the best part is you can use the exemption over and over again, from house to house. So call the movers and pack the china!
By Gilman and Ciocia, Income Tax Specialists.