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Find out why we are top real estate experts in the Fort Wayne area. Call us at 260-486-6800 or toll free 877-436-6800.
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“We were very impressed with you and the results you achieved for us in selling our house."
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Tax Considerations >Your Tax Free Profits
Significant tax reform legislation was signed into law with the Taxpayer Relief Act of 1997. This legislation replaced both the one-time $125,000 tax-free exclusion for homeowners aged 55 and older, and the "rollover" deferment of capital gains tax requiring the purchase of a replacement home of higher or equal cost within two years of the sale of your principal residence.
With this change, a married couple filing their taxes jointly pays capital gains taxes only on that portion of home sales profits that exceeds $500,000. Single taxpayers, heads of households, and married persons filing separately may exclude up to $250,000. The exclusion is available for all sales of homes that occurred on or after May 6, 1997. Homeowners can use this tax-free provision every two years.
You are allowed to keep these tax-free profits only if you have owned and used the home as your principal residence for two out of the five years prior to the sale of the property. Although the regulations do not require continuous occupancy, the IRS specifies that your principal residence must be the home you use for the majority of time during the year. Consult your tax advisor about your personal circumstance.
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| Q |
What was the longest distance a building has ever been moved?
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| A |
Detroit's five-story Gem Theater, built in 1927, was moved 1,850 feet (5 blocks) to make way for two new sports stadiums. |
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Baumgartner and Weir Team
Century 21 Bradley Realty Inc.
6718 East State Blvd.
Fort Wayne, IN 46815
Office: 260-486-6800
Judy's Cell: 260-403-1523
Clay's Cell: 260-433-7616
Toll-Free: 877-436-6800
Fax: 260-486-6000
BaumgartnerWeir@NUMBER1EXPERT.com
You Are #1 With Us!
The Baumgartner & Weir Team have pooled our strengths in real estate and office management to create a synergistic team with a full-time licensed media coordinator, Tammy McCoy, and a full-time licensed closing coordinator, Christi Roach.
The entire team has built upon the values of hard work, responsiveness, dedication and perseverance. We strive to handle all aspects of a client's home sale or purchase, leaving clients to focus on other important aspects of their relocation. We also embrace change and make it part of our ongoing strategy for growth.
We strive to be the best at what we do, now and in the future, we will continue to enjoy change, adapt to it and maintain client satisfaction.     
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