Morris Township, Madison and Morristown New Jersey real estate listings, home buying, selling and relocation information

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You Did Not Lure Us Into A Contract
I appreciate the little extras (that didn't turn out to be so little).
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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 is a Balloon Mortgage?
A	A balloon is a short-term mortgage which requires the entire balance of the loan to be re-paid at the end of the loan term.
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Mary K. Becht, REALTOR®, real estate agent and broker for Morris Township, Madison and Morristown New Jersey home listings, property and land for sale - NUMBER1EXPERT(tm)

Mary K. Becht
RE/MAX Showcase Realtors
58 Shalebrook Drive
Morristown
NJ, 07960
Phone 1: 973-540-0707
Phone 2: 973-425-9119
Fax: 973-425-0306
Email: marybecht@NUMBER1EXPERT.com
Mary K. Becht has been a real estate professional since 1977 and has lived in her market area for more than 24 years. Mary specializes in Residential Real Estate and Relocation. Mary’s expert knowledge in a number of Communities will be invaluable to you. Her Market Area covers Morris, Essex, Hunterdon, Somerset, Sussex & Union Counties. In addition, Mary is the mother of 5 & has enjoyed her Family & Community by volunteering her spare time over the years as Boy Scout Chairperson, Soccer Coach, Girl Scout Leader, Parent Teacher Association Helper, Historic Garden Chairperson & other miscellaneous events. Mary states “It’s a Busy, but Fun and Fulfilling Life!!”

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NUMBER1EXPERT™ in real estate for Morris Township, Madison and Morristown, New Jersey, Luxury and Unique Properties, Condominiums

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