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All agents are NOT alike! Find out why I am a top real estate expert. Call me at 1-713-253-9944.
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Get Free Presentation On My Home Marketing. Before signing a contract with any REALTORŪ, make sure you know EXACTLY how your home will be marketed. Find Out More > View All Offers >
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We Recommend Sandra "None matched Sandra's dedication and resourcefulness in locating our new home and selling our previous home quickly." Kathy and Andrew Ching, happy buyers & sellers Read Quote > View All Quotes >
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Why
Buyers Choose Me: Why homebuyers in the Houston, Clear Lake, NASA, and
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Tax Considerations >Beneficial Tax Laws
American tax law offers a significant capital gains tax exemption that allows taxpaying homeowners to unlock home equity and end the spiraling cycle of "investing up." First-time buyers enjoy expanded rules for Individual Retirement Accounts (IRA) and 401(k) plans, rules that allow penalty-free withdrawals to purchase a home.
Every two years, married sellers of principal residences who file joint federal income tax returns are allowed a $500,000 exclusion ($250,000 for singles) from capital gains tax. For sales that took place after May 6, 2003, the maximum capital gains tax rates for profits above the exclusion dropped from 20% to 15% for higher income taxpayers, and from 10% to 5% for lower income taxpayers.
Homeowners can now consider several new options. People who find themselves at an empty-nester stage (no children at home) in a four or five bedroom home with a large equity have been able to unlock their equity dollars, using the income to help their children buy a first home, take a luxury cruise, remodel the house or purchase a second home for vacation or retirement.
Consult your tax advisor for advice regarding your particular circumstance.
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| Q |
What holds the title as the tallest reinforced concrete building in the U.S.?
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| A |
311 South Wacker Drive in Chicago was completed in 1990 and is 65 stories high. |
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