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Beautiful 3/2 Home at SW Cape!

$79,900

Photo of 4440 SW 13th Ave, Cape Coral, FL, 33914.

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Address: 4440 SW 13th Ave	City/ST: Cape Coral, FL	Zip Code: 33914
Location: 4440 SW 13th Ave, Cape Coral, FL	Property Type: Single Family Home	New or Resale: Resale
Square Footage: 1460	Bedrooms: 3	Bathrooms: 2
MLS# 200951164

Beautiful 3/2 Home at SW Cape!

Last Updated: 8/20/2010 9:43:32 AM

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Tax Considerations >Your Tax Free Profits

Significant tax reform legislation was signed into law with the Taxpayer Relief Act of 1997. This legislation replaced both the one-time $125,000 tax-free exclusion for homeowners aged 55 and older, and the "rollover" deferment of capital gains tax requiring the purchase of a replacement home of higher or equal cost within two years of the sale of your principal residence.

With this change, a married couple filing their taxes jointly pays capital gains taxes only on that portion of home sales profits that exceeds $500,000. Single taxpayers, heads of households, and married persons filing separately may exclude up to $250,000. The exclusion is available for all sales of homes that occurred on or after May 6, 1997. Homeowners can use this tax-free provision every two years.

You are allowed to keep these tax-free profits only if you have owned and used the home as your principal residence for two out of the five years prior to the sale of the property. Although the regulations do not require continuous occupancy, the IRS specifies that your principal residence must be the home you use for the majority of time during the year. Consult your tax advisor about your personal circumstance.

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Q	What is the most unusual maintenance project done once each year in the United States?
A	The Niagara Falls is shut down for maintenance every year in the fall by diverting the flow of water for 24 hours using a massive series of pipes constructed in 1837.
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Mike Lombardo, REALTOR�, real estate agent and broker for Cape Coral, Fort Myers and Naples, Florida home listings, property and land for sale

Mike Lombardo
C21 Sunbelt
506 SW 47th Terrace
Cape Coral, FL 33914
English: 239-898-3445
Espa�ol: 239-898-3795
Fax: 239-443-2473
Mike@mikelombardoteam.com
I am selling property and I want to sell yours. You may have been told that the real estate news in our area is gloom and doom. �I have heard there is a recession, but I have decided not to participate.� I want you to know that I am selling and I want to help you sell your home. Call me or email me at (239) 898-3445 or Mike@MikeLombardoTeam.com

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