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Most of my clients profit from selling their homes, and they often have questions about capital gains tax. When you sell your primary residence, you are not taxed on your profit if (1) you have lived in the home for two out of the last five years and (2) your gain does not exceed $250,000 as a single taxpayer or $500,000 as a married couple filing jointly. Gains above these limits are taxed at the current rate of 15% for higher income taxpayers and 5% for lower income taxpayers. In 2008 the 15% rate will continue for higher income taxpayers; while the 5% lower income rate will drop to 0% for the 2008 tax year only. On January 1, 2009, the long-term capital gains tax rates will once again be 15% and 5% through 2010. Homeowners can use this tax-free provision every two years. As set forth in the American Job Creation Act of 2004, properties converted from a 1031 exchange property into a primary residence must be held and used as a primary residence for at least five years to qualify for the tax exemption. Consult your tax accountant for more detailed information regarding your particular circumstance.

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Medra Volpi
Coldwell Banker
8490 E. Crescent Parkway, Suite 100
Greenwood Village, CO 80111
Cell: 303-378-1144
Fax: 303-362-5793
medravolpi@Number1Expert.com

Medra Volpi is a dedicated, passionate and market savvy professional who puts her clients’ satisfaction before all else. Her attention to detail, superior people skills, broad knowledge of the real estate industry and her determination to give her clients first class service sets her apart. Medra understands the power of creative, highly effective marketing maximizing property exposure to the most qualified buyers. Medra knows that it is not only important to secure the most able buyer, but also the one most likely to close the deal. With so much at stake, Medra is the one you want to represent you. Her fair yet aggressive negotiating style and protectiveness of her clients’ best interests and ultimately, their assets, has gained her respect with colleagues and clients alike. Medra knows that every transaction represents the most important purchase or sale a person can make and she takes every precaution to ensure that communication is consistent and timely with all parties involved from beginning to end. Whether it’s patiently guiding first time buyers through this exciting process or following through with clients’ needs long after the transaction has been completed, Medra’s caring yet efficient business style will turn you into a client for life.

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