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Why Buyers Choose Stephen Haw - Why homebuyers looking for a real estate agent in the Palos Verdes Estates, Rancho Palos Verdes and Rolling Hills Estates area choose Stephen Haw. Latest Listings - Get Stephen Haw's latest Palos Verdes Estates, Rancho Palos Verdes and Rolling Hills Estates listings of homes for sale first! Find Your Perfect Home - Stephen Haw will search for your ideal home and email you the newest Palos Verdes Estates, Rancho Palos Verdes and Rolling Hills Estates MLS listings of properties in Los Angeles County CA. First Time Homebuyers - Are you a first time homebuyer in Palos Verdes Estates, Rancho Palos Verdes and Rolling Hills Estates, CA? Choose a top real estate agent. Stephen Haw can guide your home buying search. Mortgage Prequalification - Pre-qualify for a mortgage or loan for your Palos Verdes Estates, Rancho Palos Verdes and Rolling Hills Estates house or other real estate or property. Go to Main Sitemap - Main sitemap sections include Find Palos Verdes Estates, Rancho Palos Verdes and Rolling Hills Estates Homes, For Home Buyers, For Home Sellers, Palos Verdes Estates, Rancho Palos Verdes and Rolling Hills Estates Information, Real Estate Resources, and About Stephen Haw. 
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Tax Considerations >Tax Rewards for Homeowners
The Federal Tax Code has significantly improved the American taxpayer's ability to profit by selling a principal residence. Prior to 1997, homeowners could take advantage of a tax benefit termed the "rollover", which granted exemption from capital gains taxes on the net profit from the sale of a home. Homeowners who used profits to purchase a bigger and better home did not have to pay tax. And homeowners over the age of 55 were given a once-in-a-lifetime exclusion from taxes on profits of up to $125,000 on the sale of their principal residence.
Compare those tax breaks with our current, streamlined and potentially more profitable arrangement that replaced both the rollover and the one-time exemption. If you are a married home-seller filing jointly, you may enjoy up to $500,000 in tax-free home sale profits, provided you have occupied the property as your principal residence during two of the last five years. Taxpayers who file singly get a $250,000 capital gains exclusion. Homeowners are eligible to exclude capital gains on the sale of a principal residence as often as once every two years.
The law allows capital gain exclusions whether you "buy up" to a more expensive home or "buy down" to a less expensive one. The tax-free dollars can be used in any way you want. Consult your tax advisor for detailed advice about your particular circumstance.
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| Q |
What tropical haven is back in vogue, attracting celebrities like Cher, Madonna, and Sylvester Stallone, who have homes here?
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| A |
Made up of 17 islands in Biscayne Bay, Miami Beach is the "American Riviera" and famous for its tropical beauty. |
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