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Testimonials: Gurnee, Long Grove and Palatine Illinois home buying, real estate listings, and homes for sale in Lake County, IL

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Tax Considerations >Taxpayer Relief

Legislation included in the 1997 federal budget made significant changes that improve a homeowner's ability to profit from the sale of real estate. The capital gains tax exclusions on the sale of a principal residence is just one of several benefits for homeowners. When you sell a home you have owned and use for two of the five years prior to the sale, married couples are allowed to keep up to $500,000 in tax-free profits and taxpayers filing as singles can keep up to $250,000 before paying capital gains tax.

Long-term capital gain is also taxed at lower rates as a result of the Jobs and Growth Tax Relief Reconciliation Act passed in 2003. The maximum capital gains tax rates dropped from 20% to 15% and from 10% to 5%, effective for sales and exchanges taking place on or after May 6, 2003 and through December 31, 2007. In 2008 the 15% rate continues for higher income taxpayers, while the 5% rate for lower income taxpayers drops to 0%, but only for the 2008 tax year. On January 1, 2009, the 10% and 20% rates will be reinstated.

Consult your tax advisor for advice regarding your particular circumstance.

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Q	What area was designed to look like a 1940s southeastern town with traditional architecture?
A	Disney's "Celebration" in Orlando, FL, will eventually have 8,000 houses and many commercial tourist attractions.
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Jane Lee Realty Group, REALTORŽ, real estate agents and broker for Gurnee, Long Grove and Palatine Illinois home listings, property and land for sale - NUMBER1EXPERT(tm)

Jane Lee Team
RE/MAX Top Performers
210 N. Waukegan Road
Lake Bluff
IL 60044
Direct Office: 847-295-0800
Direct Fax: 847-295-0801
Main Office: 847-295-0800
Main Fax: 847-295-0801
E-mail: Leads@JaneLeeHomes.com
The Jane Lee Team assists their clients by focusing on these seven priorities:

1. Providing Quality Service
2. Meaningful Communication
3. Addressing the Customer's Individual Needs
4. Providing Professional Advice
5. Delivering a Successful Market Plan through Innovation
6. Team Work
7. Continual Professionalism.

Legal Disclaimer - No Liability: RE/MAX Top Performers, Jane Lee, Jane Lee Team, its agents or employees shall not be held liable to anyone for any errors, omissions or inaccuracies under any circumstances. The entire risk for utilizing the information contained on this website or linked to this website, rests solely with the users of this website. The information is subject to inspection and verification by all parties relying on it. No liability for its accuracy/inaccuracy, errors, or omissions is assumed by the sellers or their agents. These listings may be withdrawn or modified without notice at any time. Information Not Warranted or Guaranteed: The official Jane Lee Homes website and all pages linked to it or from it, are PROVIDED ON AN "AS IS, AS AVAILABLE" BASIS. Jane Lee Home - Jane Lee MAKES NO WARRANTIES, EXPRESSED OR IMPLIED, INCLUDING, WITHOUT LIMITATION, THOSE OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO ANY INFORMATION OR USE OF INFORMATION CONTAINED IN THE WEBSITE, OR LINKED FROM IT OR TO IT.

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