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  • Welcome - Get the best real estate listings & homes for sale, expert advice, local info, and much more from Lauralee McElroy, a proven Yorkville, Aurora and Oswego, Illinois NUMBER1EXPERT™ Top Selling real estate agent.

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Real Estate Tips
Tax Considerations >Capital Gains Exemptions

Home sellers are always interested in their tax deduction options. If you recently sold a home without meeting the basic ownership and use criteria for waiving capital gains tax, you might still be able to claim reduced exemptions if you meet certain other criteria.

Homeowners who had to sell because of a change in place of employment can qualify for reduced tax. You must prove that the job change occurred while you owned and used the home as your primary residence, and that your new job is located at least 50 miles farther from your residence than your previous place of employment.

A reduced exclusion from capital gains tax may also be granted for health reasons. If your motivation for selling your house was to obtain diagnosis, treatment or cure for a disease or injury to you or a family member, you can apply for an exclusion. Unforeseen circumstances such as death, unemployment, divorce or natural disasters may also reduce your capital gains tax. Consult a tax professional for advice about your unique circumstance.

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Real Estate Trivia
Q 
What famous building receives a fresh coat of 300 tons of reddish-green paint every seven years?
A 
The Eiffel Tower in Paris, France.
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Lauralee McElroy, REALTOR®, real estate agent and broker for Yorkville, Aurora and Oswego, Illinois home listings, property and land for sale - NUMBER1EXPERT(tm)

Lauralee McElroy
RE/MAX Great American II
1755 Marketview
Yorkville, IL 60560
Main Phone: 630-553-4314
Cell Phone: 630-669-8806
Fax: 630-553-2778
LauraleeMcElroy@NUMBER1EXPERT.com


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