Dallas, Frisco and Plano real estate and homes for sale in Texas - Kay Cheek, REALTOR® Kay Cheek REALTOR(r) for Dallas, Frisco and Plano, Texas real estate - NUMBER1EXPERT™ Kay Cheek NUMBER1EXPERT(tm) for Dallas, Frisco and Plano, Texas real estate

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Kay Cheek, REALTORŪ, real estate agent and broker for Dallas, Frisco and Plano Texas home listings, property and land for sale - NUMBER1EXPERT(tm)

All agents are NOT alike! Find out why I am a top real estate expert. Call me: 972-335-6564.


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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 
Which famous skilled mason laid the cornerstone of the Capitol Building in Washington, D.C. in 1793?

A 
George Washington, the first President of the United States.
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Kay Cheek, REALTORŪ, real estate agent and broker for Dallas, Frisco and Plano Texas home listings, property and land for sale - NUMBER1EXPERT(tm)

Kay Cheek
Ebby Halliday Realtors

1415 Legacy Drive, Suite 100
Frisco, Texas 75034
Voice Mail: 972-733-8025
Office: 972-335-6564
Fax: 972-335-6567
Email: kaycheek@ebby.com

The Kay Cheek Team is Ebby's #1 Company-Wide Team. In 2005, Kay was the #1 Company-Wide Individual!!! In addition, she is a Company Wide Top 10 Honor Roll member and a VIP Customer Service Award Winner. She brings 30+ years of residential real estate experience to the Dallas, Plano, Frisco, Southlake, McKinney, Allen, Prosper, and Park Cities areas.

REALTOR RELO


Ebby Halliday Realtors real estate and homes for sale in Dallas, Frisco and Plano Texas

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