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Quickly Find Out What that Home Down the Street Sold For, By Email, for Free. If you are considering selling your Harrison Township, St. Clair and Macomb, Michigan area home, you are probably wondering what other homes in the area are selling for. There might be one home in particular that you'd like to know the sale price on, or you might be interested in all the homes that have sold recently in your Harrison Township, St. Clair and Macomb area neighborhood. We can help! We can tell you exactly what any home sold for in your area. We will furnish you with a list of homes that have recently sold on your street or in your neighborhood. We can also tell you about homes similar to yours that are currently for sale. This service is entirely free, without obligation. As Harrison Township, St. Clair and Macomb area real estate agents, this is part of the service that we provide to home sellers on a daily basis.  Find out what a home or property sold for, by email, for free! It's our job to help you determine real estate values in Harrison Township, St. Clair and Macomb! There's no obligation, and we promise to get back to you quickly...
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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| Q |
What is a Balloon Mortgage?
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| A |
A balloon is a short-term mortgage which requires the entire balance of the loan to be re-paid at the end of the loan term.
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Holly Peters
RE/MAX Advisors
34350 23 Mile Rd.
Chesterfield, MI 48047
Holly's Cell : 810-300-4015
Office: 586-725-1900
Fax: 586-725-0333
REOactionhomes@gmail.com
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