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Request Our Free Relocation Package. Don't Move To Edmond, Oklahoma City and Nichols Hills Without It!  Moving your family to another town or state is a major event in your life! We have helped many families and individuals relocate to and from the Edmond, Oklahoma City and Nichols Hills, Oklahoma area. If you will be moving to the Edmond, Oklahoma City and Nichols Hills area, we can correspond by email and phone. Together, we'll determine what type of home, price range, and neighborhoods you are interested in. We'll send you every home or property that is currently available that matches your criteria. When you visit, we'll be ready! We will visit the Edmond, Oklahoma City and Nichols Hills neighborhoods and homes that interest you the most. In addition, we can talk about schools, sub-divisions, local market conditions, local culture... anything that is important to you. Remember: As top Edmond, Oklahoma City and Nichols Hills REALTORSŪ, it's our job to know this area inside and out, and we want to make your transition as smooth as possible. To get started, fill out the form to request our FREE Edmond, Oklahoma City and Nichols Hills, Oklahoma Relocation Package. We'll send it right out. It's full of useful and important information about this area. You are under no obligation, so you can't go wrong... Are you new to the area? Request our FREE package of Edmond, Oklahoma City and Nichols Hills relocation information. It's our job to help! There's no obligation, and we promise to respond quickly...
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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What mortgage transactions between borrowers and lending institutions operate in the private sector of the economy?
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| A |
Conventional mortgages are private sector transactions that are not insured or guaranteed by the government. |
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