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About Bill Cullin:
About Bill Cullin - Information about Bill Cullin of Lewes, Rehoboth Beach, Bethany Beach and Dewey Beach, Delaware Testimonials - Read what Bill Cullin's clients are saying about the real estate marketing and services provided. Quick Response Guarantee - A quick response to your email request for more Delaware home buying & property selling information is guaranteed by Bill Cullin. Privacy Guarantee - This Lewes, Rehoboth Beach, Bethany Beach and Dewey Beach real estate web site will respect your privacy, guaranteed by Bill Cullin. No Obligation Guarantee - Bill Cullin's real estate help by email is free & without obligation for Lewes, Rehoboth Beach, Bethany Beach and Dewey Beach home owners in Delaware. For Real Estate Agents - Let Bill Cullin help you with your professional real estate broker and agent needs in the Lewes, Rehoboth Beach, Bethany Beach and Dewey Beach area. Contact Information - How to contact Bill Cullin. Go to Main Sitemap - Main sitemap sections include Find Lewes, Rehoboth Beach, Bethany Beach and Dewey Beach Homes, For Home Buyers, For Home Sellers, Lewes, Rehoboth Beach, Bethany Beach and Dewey Beach Information, Real Estate Resources, and About Bill Cullin. Top Producer 2007, 2008, 2009 , and 2010
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Tax Considerations >Tax Implications of Selling Your House Most of my clients profit from selling their homes, and they often have questions about capital gains tax.
When you sell your primary residence, you are not taxed on your profit if (1) you have lived in the home for two out of the last five years and (2) your gain does not exceed $250,000 as a single taxpayer or $500,000 as a married couple filing jointly. Gains above these limits are taxed at the current rate of 15% for higher income taxpayers and 5% for lower income taxpayers. In 2008 the 15% rate will continue for higher income taxpayers; while the 5% lower income rate will drop to 0% for the 2008 tax year only. On January 1, 2009, the long-term capital gains tax rates will once again be 15% and 5% through 2010.
Homeowners can use this tax-free provision every two years. As set forth in the American Job Creation Act of 2004, properties converted from a 1031 exchange property into a primary residence must be held and used as a primary residence for at least five years to qualify for the tax exemption.
Consult your tax accountant for more detailed information regarding your particular circumstance.
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| Q |
Where is the world's largest bridge located?
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| A |
Lake Pontchartrain Causeway at New Orleans, Louisiana is the world's largest bridge. It is almost 24 miles long. |
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