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I would love to help you find your dream in the land of enchantment. Call me: 505-920-8001.
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Santa Fe Realty Partners...something special in the land of enchantment Santa Fe Real Estate Homes and Listings Santa Fe Realty Partners’ owners bring together over 40 years of residential and commercial real estate experience to serve all of your real estate needs in the Santa Fe area. Santa Fe Realty Partners will provide you with a level of personal service and knowledge that will empower you to make an intelligent, informed and comfortable decision. It is our goal to understand your needs and respond to them promptly, professionally, and with integrity. If you're a buyer looking for a new Santa Fe home, a home where you can retire, a Santa Fe luxury home, or the right investment property, we can help. And if you're a seller, Santa Fe Realty Partners can bring its experience, contacts, and comprehensive marketing strategies together to help you sell your home or property.
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 45,000 sq.ft. home on 5-acres on Lake Washington is described as an 'adventurous house' by its owner?
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| A |
The home of Microsoft's Bill Gates ($40+ million) has a wall of 24 video monitors featuring art and film and a 60-foot pool. |
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Darlene Streit Santa Fe Realty Partners 417 E. Palace Avenue Santa Fe, NM 87501 Cell: 505-920-8001 Fax: 505-946-1600 Office: 505-982-6207 dstreit@NUMBER1EXPERT.com
Darlene Streit is owner and qualifying broker of Santa Fe Realty Partners, Santa Fe's fastest growing real estate company. A resident of Santa Fe since 1990, she knows the city well. Darlene's background is perfect for guiding you through the process of selling or buying a home.
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