Find Toronto, City Place and Downtown Toronto Homes:
Feature Homes - Homes for sale, listings, properties, & other real estate in Toronto, City Place and Downtown Toronto, Ontario, with virtual tours, photos, and more. Serving Canada Real Estate. Search All Local Listings - Search all Toronto, City Place and Downtown Toronto area MLS listings in Ontario from real estate brokers. International Properties - Find international homes for sale on these international/global real estate web sites from Canada, Europe, France, Germany, UK, Great Britain, Spain, Italy, Asia, Africa, and beyond. Search ALL the Experts' Homes - Search the best local homes for sale from all the real estate experts, agents, REALTORS®, and brokers. Go to Main Sitemap - Main sitemap sections include Find Toronto, City Place and Downtown Toronto Homes, For Home Buyers, For Home Sellers, Toronto, City Place and Downtown Toronto Information, Real Estate Resources, and About The Leslie Benczik Team.
Please Sign Up For The Latest Listings and the Latest Real Estate News
 |
Tax Considerations >Taxable Profits
If you are thinking of selling your home and your house has risen in value since you purchased it, or you have accumulated a lot of deferred profit from previous sales, the Taxpayer Relief Act passed in 1997 could be of tremendous value.
Prior to this law, when a homeowner moved to a smaller home, relocated to a less costly area, or made a decision to rent, they were left with unfavorable tax consequences. The old tax law allowed people who sold their homes to defer tax on any profit by buying a replacement home of at least equal value within two years. At age 55, they could permanently escape tax on up to $125,000 of profit, but any profit in excess of that amount was taxable unless a new home was bought.
The good news is that with homes sold after May 6, 1997, homeowners can make as much as $500,000 tax-free profits on the sale of a principal residence for joint filers or $250,000 for single filers. The $500,000 capital gains exclusion removed taxes as a consideration for most home sellers by giving them flexibility to trade up or down. It has also allowed homeowners to preserve the savings value of a home when they sell, provided they use the property as their principal residence for two of the prior five years prior to the sale.
Consult your tax advisor for your particular circumstance.
|
|
| Q |
What is currently the most sought-after amenity in the majority of upscale homes?
|
| A |
Technology that "enables" a home with features such as structured integrated wiring and broadband Internet access is the current amenity of choice. |
 See More Real Estate Trivia > |
|
|
Rachel O'Hearn and Leslie Benczik
RE/MAX All-Stars Realty Inc.
2281 Kingston Road, 2nd Floor
Toronto, ON. M1N 1T8
Phone: 416-597-0077
Fax: 416-342-0034
Email: Rachel@MyTorontoCondo.ca
.
‡Leslie Benczik, Susan Taylor, Rachel O'Hearn, Alon Hillel, Rosemary Mauro, Tiffany Lee & Frances Kwong
www.MyTorontoCondo.ca is brought to you by
The Leslie Benczik Team
NUMBER1EXPERT™ in real estate for
Toronto, City Place and Downtown Toronto, Ontario Read The Leslie Benczik Team's
Privacy Guarantee,
Terms of Service,
and
Free & Without Obligation Pledge
|
NUMBER1EXPERT®
© Homes Media Solutions™, a division of Dominion Enterprises and/or its clients.
All rights reserved. All information deemed reliable but not guaranteed.
|
- NUMBER1EXPERT™ 
