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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	Who is the world's largest landowner?
A	The United States government, with holdings of 728.8 million acres of land.
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Lynne Knapp, REALTOR®, real estate agent and broker for Fort Lauderdale, Weston and Coral Springs Florida home listings, property and land for sale - NUMBER1EXPERT(tm)

Lynne Knapp, Realtor® MDC
ReMax Consultants Realty 1 (Southeast Florida)
1625 SE 17th Street Causeway
Fort Lauderdale, FL 33316
(Builder-Developer Representative)
Cellular: (954) 647-5335
Direct Line: (954) 767-5960
Fax: (954) 525-5133
Email: LynneKnapp@aol.com
Email: LynneKnapp@BestBrowardProperty.com
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Email: LynneKnapp@LynneKnapp.com
New Construction, Resale, Relocation Experience for over 18 years, Providing Residential and Commercial Services to Domestic and International Clients. Residential Development Sales Management. Acreage, Condominiums, Lofts, Luxury Estates, Penthouses, Single Family Homes, Townhomes, Villas.

Serving the Gold Coast (Southeast Florida), Broward County
Palm Beach County, Miami-Dade County
Real Estate Home Buying and Selling Needs.
Trendy Broward County Areas: Coconut Creek Homes, Cooper City Homes, Coral Ridge Homes, Coral Springs Homes, Davie Homes, Deerfield Beach Homes, Fort Lauderdale Homes, Hollywood Homes, Las Olas Homes, Lighthouse Point Homes, Miramar Homes, Parkland Homes, Pembroke Pines Homes, Plantation Homes, Pompano Beach Homes, Southwest Ranches Homes, Sunrise Homes, Sunshine Ranches Homes, Victoria Park Homes, Weston Homes, Wilton Manors Homes and more…

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