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Tax Considerations >Capital Gains Exemptions

Home sellers are always interested in their tax deduction options. If you recently sold a home without meeting the basic ownership and use criteria for waiving capital gains tax, you might still be able to claim reduced exemptions if you meet certain other criteria.

Homeowners who had to sell because of a change in place of employment can qualify for reduced tax. You must prove that the job change occurred while you owned and used the home as your primary residence, and that your new job is located at least 50 miles farther from your residence than your previous place of employment.

A reduced exclusion from capital gains tax may also be granted for health reasons. If your motivation for selling your house was to obtain diagnosis, treatment or cure for a disease or injury to you or a family member, you can apply for an exclusion. Unforeseen circumstances such as death, unemployment, divorce or natural disasters may also reduce your capital gains tax. Consult a tax professional for advice about your unique circumstance.

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Q	In what 2003 comedy does a very large family move to a new house on Forest Avenue in Evenston, Illinois?
A	"Cheaper by the Dozen", starring Steve Martin, was actually filmed in a house in Los Angeles near the Farmer's Market.
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The Payne Group, REALTOR®, real estate agent and broker for Panama City, Panama City Beach and Lynn Haven, Florida home listings, property and land for sale - NUMBER1EXPERT(tm)

The Payne Group
Keller Williams Success Realty
2110 W 23rd St.
Panama City, FL 32404
850-890-0132
Fax: 850-392-1709
jeff.payne@kw.com
The Payne Group takes the time to discover your wants and needs to ensure a seemless transaction in buying or selling real estate.

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