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Tax Considerations >Capital Gains Exemptions

Home sellers are always interested in their tax deduction options. If you recently sold a home without meeting the basic ownership and use criteria for waiving capital gains tax, you might still be able to claim reduced exemptions if you meet certain other criteria.

Homeowners who had to sell because of a change in place of employment can qualify for reduced tax. You must prove that the job change occurred while you owned and used the home as your primary residence, and that your new job is located at least 50 miles farther from your residence than your previous place of employment.

A reduced exclusion from capital gains tax may also be granted for health reasons. If your motivation for selling your house was to obtain diagnosis, treatment or cure for a disease or injury to you or a family member, you can apply for an exclusion. Unforeseen circumstances such as death, unemployment, divorce or natural disasters may also reduce your capital gains tax. Consult a tax professional for advice about your unique circumstance.

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Q	What land did the U.S. Government buy for $7.2 million?
A	In March 1867, the US bought all of Russian America (Alaska) from Russia.
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Betty Norman, REALTOR®, real estate agent and broker for Rocky Mount, Nashville and Rocky Mount Reservoir, North Carolina home listings, property and land for sale - NUMBER1EXPERT

Betty Norman
Nancy Liipfert Associates, Inc
3709 Westridge Circle Drive
Rocky Mount, NC 27804
Direct #: 252-813-2070
Fax: 252-937-7677
Toll Free Voice Mail: 800.384.2716
BettyNorman@NUMBER1EXPERT.com
Experienced, professional service for over 32 years in the Rocky Mount Area. Consistently upgrading her education to better served her clients with standards that are above and beyond. Expect the very best in real estate from Betty!

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