Request Our Free Relocation Package. Don't Move To Carmel, Indianapolis and Fishers 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 Carmel, Indianapolis and Fishers, Indiana area. If you will be moving to the Carmel, Indianapolis and Fishers 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 Carmel, Indianapolis and Fishers 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 Carmel, Indianapolis and Fishers REALTORSŪ, it's our job to know this area inside and out, and we want to make your transition as smooth as possible. Are you new to the area? Request our FREE package of Carmel, Indianapolis and Fishers relocation information. It's our job to help! There's no obligation, and we promise to respond quickly...
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Tax Considerations >Taxable Profits
If you are thinking of selling your home and your house has risen in value since you purchased it, or you have accumulated a lot of deferred profit from previous sales, the Taxpayer Relief Act passed in 1997 could be of tremendous value.
Prior to this law, when a homeowner moved to a smaller home, relocated to a less costly area, or made a decision to rent, they were left with unfavorable tax consequences. The old tax law allowed people who sold their homes to defer tax on any profit by buying a replacement home of at least equal value within two years. At age 55, they could permanently escape tax on up to $125,000 of profit, but any profit in excess of that amount was taxable unless a new home was bought.
The good news is that with homes sold after May 6, 1997, homeowners can make as much as $500,000 tax-free profits on the sale of a principal residence for joint filers or $250,000 for single filers. The $500,000 capital gains exclusion removed taxes as a consideration for most home sellers by giving them flexibility to trade up or down. It has also allowed homeowners to preserve the savings value of a home when they sell, provided they use the property as their principal residence for two of the prior five years prior to the sale.
Consult your tax advisor for your particular circumstance.
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| Q |
What is the longest construction time for a private residence?
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| A |
The Winchester House in San Jose, CA, was under construction for over 38 years. |
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