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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Real Estate Tips
First Time Buyers >Your Principal Residence

The Federal Tax Code allows married taxpayers to exclude from capital gains taxes up to $500,000 in profits from selling a home (singles can exclude $250,000). In order to qualify for this exemption, you must prove that that the home has been your principal residence for at least two out of the last five years. The establishment of the home as a principal residence depends on the facts of each homeowner's circumstance. Here are two cases to consider.

Homeowner A has lived at 25 Pine Drive for 12 years. Although he stays at his vacation cottage in another town for up to three months out of each year (sometimes more), 25 Pine Drive is his principal residence, where he lives most of the time. When he sells the home, Homeowner A (filing as a single individual) can keep up to $250,000 in tax-free profit.

Homeowner B buys 108 Maple Street, intending to live there. He rents it out while waiting to sell his current home, where he has lived for six years. His principal residence sells at the end of two years. Homeowner B moves into his new house, lives there for three months, and then decides to travel. After a six-month trip, he regrets buying 108 Maple Street and sells it. Even though he has owned the house on Maple Street for over two years, it won't qualify as "owner-occupied", because he only lived in it for a few months. Thus Homeowner B is not eligible to claim the tax exemption when he sells the house on Maple Street.

Consult your tax advisor for advice about your particular circumstance.

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Real Estate Trivia
Q 
What bizarre post-midnight pageant celebrated the great transformation in Manhattan architecture during the 1920s?

A 
Beaux-Arts Architects' Ball (January 23, 1931) at the Hotel Astor commemorated the end of the first skyscraper 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 23 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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