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Bush Tax Cuts May Expire January 1: Homeowners of $1 M+ Properties Beware
Do you own a home valued over 1 million dollars? Beware! Congress may allow the Bush Tax Cuts to expire on January 1, 2013. What does this mean for homeowners of properties valued over $1,000,000? Capital Gains taxes may rise as high as 20% from the current 15%. CNBC reports that if these go into effect, wealthy home owners could owe millions of dollars more in taxes on their home sales. Because Bush Tax Cuts may expire January 1, Homeowners of $1 M+ Properties are contacting REALTORS across the country, hoping to get their home on the market and sold before January 1.
Source: “Wealthy Home Owners Brace for ‘Mansion Cliff,’” CNBC (July 13, 2012)
But don’t panic! Regardless of the rate rise, the $500,000 capital gains exclusion remains in effect. This means that, under the current federal Tax Code, any sales gain of $250,000 or less for single filers and $500,000 or less for married couples filing jointly will still be exempt from capital gains tax. So…is it time to rush right out and sell your $1,000,000+ property? Can you afford to take your time? The best way for you to make that decision is to call The Oetkens! We have our finger on the pulse of the North Idaho Real Estate Market, and we keep a close eye on the news, politics, and other factors that can have a major influence on the Coeur d’Alene Real Estate market. Let’s start by establishing the current market value of your property.
Call us today for a complimentary Comparative Market Analysis.
Randy or Christy Oetken
208-660-0506
Oetken@RealEstate-Browser.com
Once we establish the value of your property, then we can help you determine the wisest course of action based on your specific circumstances. We’re in the business of helping you Own The Lifestyle. We have proven strategies for optimizing your Real Estate Investment Portfolio, and we have the experience, education and expertise you can trust. Call us today! Call
Randy or Christy Oetken
of
Windermere Coeur d’Alene Realty
208-660-0506
Oetken@RealEstate-Browser.com
For more information on our local Real Estate Market, visit
