Chattanooga, Ooltewah and Collegedale real estate and homes for sale in Tennessee - Darwin White, REALTOR® Darwin White REALTOR(r) for Chattanooga, Ooltewah and Collegedale, Tennessee real estate - NUMBER1EXPERT™ Darwin White NUMBER1EXPERT(tm) for Chattanooga, Ooltewah and Collegedale, Tennessee real estate
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Darwin White, REALTORŪ, real estate agent and broker for Chattanooga, Ooltewah and Collegedale Tennessee home listings, property and land for sale - NUMBER1EXPERT(tm)
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State of Tennessee Information: Chattanooga, Ooltewah and Collegedale Tennessee home buying, real estate listings, and homes for sale in Hamilton                       County, TN
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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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Real Estate Trivia
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What is the average age range of a second-home buyer in the United States?

A 
Currently, second-home buyers in America are most often between 41 and 44 years of age.
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Darwin White, REALTORŪ, real estate agent and broker for Chattanooga, Ooltewah and Collegedale Tennessee home listings, property and land for sale - NUMBER1EXPERT(tm)

Darwin White
RE/MAX Properties

6111 Shallowford Rd. Suite 105
Chattanooga, TN. 37421
Toll Free: 888-682-2144
Cell: 423-421-4111
Office: 423-894-2900
Fax: 423-894-2713
Email: homes@realestatehomelink.com

Hi. I want to be the first to invite you to the Chattanooga Tennessee Valley. Please allow me to offer to you my Real Estate Services. I have served the Chattanooga, Ooltewah, Harrison, McDonald, Apison and Collegedale area for 17 years, as well as Ringgold, Georgia. My approach to Real Estate Sales is simple--give the consumer the information they need to arrive at an informed decision, be available, communicate and respond to the unique needs of each individual with respect, tact, courtesy and professionalism. I love getting to know people and learning of their life experiences. I am native to Tennessee but grew up in Martin County N.C. My father had his own business, and I helped him with it from a very young age. I have been in sales since I was six. By the time I was 16 I had developed my own marketing company, which became one of the state's largest distribution companies in its field. My early training with my father taught me great work ethics, grit and courage that I have found very useful in Real Estate--both in patience with people and in the negotiation process. Servicing my customers with honesty and integrity was the key to my early success, and I have applied the same attention and service to my real estate business making me one of this area's Leading Real Estate Experts.


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