Saline Real Estate and Homes for Sale

The great American dream of homeownership is alive and strong in Saline real estate!  Today, let's consider how your Saline home affects your taxes.

It seems that every year, the Congress makes changes to the tax laws.  Many of those changes affect Saline real estate, some of which make owning a Saline home or condo even more financially attractive than in years past.  For a few examples:

• Most homeowners can now sell their home every two years and pocket up to $250,000 (for single taxpayers) or $500,000 (for married taxpayers) in profit with no capital gains tax.  You can use these exclusions every two years.
• Homeowners can "downsize" their housing without penalty.  No longer do you have to buy a home of equal or greater value than your previous home when you sell that home.
• First-time home buyers can make penalty-free early withdrawal from an Individual Retirement Account - yours, your parents', even your grand-parents' - to help you buy a home.  (The income taxes on that money still apply, however).

Please keep in mind that this brief article only "scratches the surface" of how your Saline home affects your taxes.  You should seek the advice of a professional tax advisor before making any specific decisions about your tax return.

If you have questions about your specific situation, or if you're considering buying or selling any Saline real estate, you owe it to yourself to take advantage of my experience in the Saline market.  I'd be happy to meet with you!  Just give me a call at (734) 476-2063, or send an e-mail, "Vance (at) SalineMichiganRealEstate (dot) com".

You can search for homes and condos in Saline here.

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