Buying Your First Home? Real Estate Agents Are Your Professional Guides. Make Sure You Choose Top Experts. You might be a bit afraid or intimidated by the whole process of buying your first home. As top Duval County, St. Johns County and Clay County real estate experts, it's our job to guide you, from beginning to end. We will take the time to go through each and every step of the buying process. There are no dumb questions! Together, we will consider: - How much can you really afford? - How to qualify for a mortgage. - How much cash you should put down. - How to buy a home with little or nothing down. - What it takes to get approved for financing. What banks and other financial institutions are looking for. - How much your payments will be. - The tax advantages of buying. - Is renting or buying better for you? Tell us a bit about your situation below. We'll get right back to you. There is absolutely no charge, and we offer this to you with no strings attached.  New to the home buying process? Tell us your concerns. Ask us questions. It's our job to help! There's no obligation, and we promise to get back to you quickly...
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First Time Buyers >Your Principal Residence
The Federal Tax Code allows married taxpayers to exclude from capital gains taxes up to $500,000 in profits from selling a home (singles can exclude $250,000). In order to qualify for this exemption, you must prove that that the home has been your principal residence for at least two out of the last five years. The establishment of the home as a principal residence depends on the facts of each homeowner's circumstance. Here are two cases to consider.
Homeowner A has lived at 25 Pine Drive for 12 years. Although he stays at his vacation cottage in another town for up to three months out of each year (sometimes more), 25 Pine Drive is his principal residence, where he lives most of the time. When he sells the home, Homeowner A (filing as a single individual) can keep up to $250,000 in tax-free profit.
Homeowner B buys 108 Maple Street, intending to live there. He rents it out while waiting to sell his current home, where he has lived for six years. His principal residence sells at the end of two years. Homeowner B moves into his new house, lives there for three months, and then decides to travel. After a six-month trip, he regrets buying 108 Maple Street and sells it. Even though he has owned the house on Maple Street for over two years, it won't qualify as "owner-occupied", because he only lived in it for a few months. Thus Homeowner B is not eligible to claim the tax exemption when he sells the house on Maple Street.
Consult your tax advisor for advice about your particular circumstance.
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| Q |
What was the longest distance a building has ever been moved?
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| A |
Detroit's five-story Gem Theater, built in 1927, was moved 1,850 feet (5 blocks) to make way for two new sports stadiums. |
 See More Real Estate Trivia > |
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First Coast Home Hunters Team of
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We are only a text, email or phone call away and would enjoy joining in your home hunting if you would allow us to. :-)   
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