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Coming Soon
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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 tropical haven is back in vogue, attracting celebrities like Cher, Madonna, and Sylvester Stallone, who have homes here?
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| A |
Made up of 17 islands in Biscayne Bay, Miami Beach is the "American Riviera" and famous for its tropical beauty. |
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Lee Wilbanks And The W.R.E.C. Group
RE/MAX Alliance
37569 Five Mile Rd
Livonia MI 48154
Office Direct: 734-432-9342
Cell: 734-635-2390
Office : 248-784-4100
Toll Free: 866-4WILBANKS
Fax: 734-943-5910
Email: wilbanks@leewilbanks.com
Email: wilbanks@thewrecgroup.com
Lee Wilbanks is a 3rd generation Realtor. Lee's many accomplishments include: CDPE (Certified Distressed Property Expert), the Prestigious CRS, DGA, ABR, RECS, SRES, Professional Standards, Presidents Club, Chairman's Club, Top 10% Club, Life Time Achievement Award, Top Producer, Honored Professional of "Who's Who" in Executives in Business, Hall of Fame and Platinum Member. You can visit Lee at his web site or email him. Lee has lived in the Livonia, Novi, Northville and Farmington area for the past 35 years. He is married and has three children.
To buy or sell call the RE/MAX Realty professional LEE WILBANKS.       
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