Myrtle Beach, Pawleys Island, Murrells Inlet and Surfside Beach real estate and homes for sale in South Carolina - Terry Rowe and Walt Lanier, REALTOR® Terry Rowe and Walt Lanier REALTOR(r) for Myrtle Beach, Pawleys Island, Murrells Inlet and Surfside Beach, South Carolina real estate - NUMBER1EXPERT™ Terry Rowe and Walt Lanier NUMBER1EXPERT(tm) for Myrtle Beach, Pawleys Island, Murrells Inlet and Surfside Beach, South Carolina real estate
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Terry Rowe and Walt Lanier, REALTOR®, real estate agent and broker for Myrtle Beach, Pawleys Island, Murrells Inlet and Surfside Beach South Carolina home listings, property and land for sale - NUMBER1EXPERT(tm)

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Real Estate Tips
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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Real Estate Trivia
Q 
What was the first territorial acquisition made by the U.S. Government?

A 
The Louisiana Purchase from France in 1803 for $15,000,000 increased U.S. national territory by 140%.
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Terry Rowe and Walt Lanier, REALTOR®, real estate agent and broker for Myrtle Beach, Pawleys Island, Murrells Inlet and Surfside Beach South Carolina home listings, property and land for sale - NUMBER1EXPERT(tm)

Terry Rowe And Walt Lanier
ReMax By The Sea

21 Professional Lane
Pawleys Island, S.C., 29585
Terry-Mobile # : 843-543-0875
Walt- Mobile #: 843-995-7437
Office Toll Free: 1-877-827-3629
Office- Local: 843-979-2002
Office- Fax: 843-979-2010
Terry Rowe: Terry @ Number1Expert.com
Walt Lanier: beachbum5334@aol.com

WE ARE-- Your South Carolina Low Country Real Estate Specialists! For The Past 20+ Years Terry And Walt's #1 Priority Has Been To Provide Superior Services For Our Buyer And Seller Clients. Considering A Move To Or Within The Myrtle Beach Area? TALK TO TERRY & WALT! Considering A Move to The Hilton Head Island Area? We Can Help You In HHI Too!Let Us Acquaint You With Our Beaches, Towns, Neighborhoods, and Schools. Just Remember-- WE ARE- Your Low Country Spacialists! Let Us Make Your Next Move Effortless And Enjoyable.

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