Susan Pace Mosley, GRI, CRS -Bronze Phoenix Member Million Dollar Club  Susan Pace Mosley has committed her life to what she cares about most - her family, her friends, and her career. If you know Susan, you know what extraordinary care and expertise she puts into everything she does. If you don't know her yet, then this statement should give you the idea: "Complete Satisfaction Guaranteed or my commission will be returned at closing!" That's an extraordinary promise. But then Susan's always been an extraordinarily committed person. Born in Canada and raised in England, Susan came to "the States" to pursue a career in nursing, but found a calling in real estate as co-owner of a real estate and insurance agency. She worked in the industry for nine years before deciding to get her license in 1984. Why? "I resisted getting my license until I was convinced that it was service more than selling." And if you know Susan, you know that's just like her. She gets her real rewards from working with and helping people from turning clients into lifelong friends. If you call Susan Pace Mosley, you will be satisfied with the results- because she guarantees it!
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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 U.S. state is home to the world's richest woman?
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| A |
Alice Walton, daughter of WalMart's founder and heiress to $16.5 billion, lives on a ranch in the state of Texas. |
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