NEW YEAR
It's 2009. Happy new year!
One tax change that my customers ought to be aware of in this new year has to do with second homes - or vacation homes. Until now the owners of a primary residence could sell it, receive the benefits of tax-free profit up to $250,000 ($500,000 if filing jointly), move into the second (or vacation) home, live there for two years, sell it and receive the same tax-free benefit of the primary home. No longer.
Starting today, the profit from the sale of the second (0r vacation) home will be treated as capital gain for the length of time it was a second home. My customers should consult with their accountants as to their tax liabilities.
Here's to a great 2009 for all. Real estate in Tyler Texas is still the best buy in the nation!
One tax change that my customers ought to be aware of in this new year has to do with second homes - or vacation homes. Until now the owners of a primary residence could sell it, receive the benefits of tax-free profit up to $250,000 ($500,000 if filing jointly), move into the second (or vacation) home, live there for two years, sell it and receive the same tax-free benefit of the primary home. No longer.
Starting today, the profit from the sale of the second (0r vacation) home will be treated as capital gain for the length of time it was a second home. My customers should consult with their accountants as to their tax liabilities.
Here's to a great 2009 for all. Real estate in Tyler Texas is still the best buy in the nation!
posted by John and Flo Martin at 4:07 AM
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