Westfield, Scotch Plains and Cranford New Jersey real estate listings, home buying, selling and relocation information

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Never have I had such a great experioence in puchasing a nhome as I did with Susan she is amazing and found the right home for me and my family
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Tax Considerations >Taxable Profits

If you are thinking of selling your home and your house has risen in value since you purchased it, or you have accumulated a lot of deferred profit from previous sales, the Taxpayer Relief Act passed in 1997 could be of tremendous value.

Prior to this law, when a homeowner moved to a smaller home, relocated to a less costly area, or made a decision to rent, they were left with unfavorable tax consequences. The old tax law allowed people who sold their homes to defer tax on any profit by buying a replacement home of at least equal value within two years. At age 55, they could permanently escape tax on up to $125,000 of profit, but any profit in excess of that amount was taxable unless a new home was bought.

The good news is that with homes sold after May 6, 1997, homeowners can make as much as $500,000 tax-free profits on the sale of a principal residence for joint filers or $250,000 for single filers. The $500,000 capital gains exclusion removed taxes as a consideration for most home sellers by giving them flexibility to trade up or down. It has also allowed homeowners to preserve the savings value of a home when they sell, provided they use the property as their principal residence for two of the prior five years prior to the sale.

Consult your tax advisor for your particular circumstance.

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Q	What little-known folk remedy is said to help keep bats away from your home?
A	According to some rural homeowners, if you tar and feather a two-by-four board and place it in your yard, it will ward off bats!
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Susan Massa, CRS SRES ABR Broker, REALTORŽ, real estate agent and broker for Westfield, Scotch Plains and Cranford New Jersey home listings, property and land for sale - NUMBER1EXPERT(tm)

Susan Massa
Keller Williams Premier Properties
488 Springfield Ave
Summit/westfield
NJ, 07901
Phone/Westfield: 908-400-0778
Phone 2/Westfield: 908-233-1881
Cell: 908-400-0778
Fax: 908-728-3110
Office /summit: 908-233-1881
Email: susanmassa@NUMBER1EXPERT.com
email: smassa5207@aol.com
email: Susan@NJhomeShowcase.com
susanmassa.com: susan@susanmassa.com
Susan Massa is a lifelong and fourth generation resident of the Westfield area. With more than 20 years of experience as a real estate broker, Susan is a terrific source of knowledge about area architecture, education, folklore, history, preservation, recreation, shopping, restaurants, economic development, real estate information and relocation to or from New Jersey. A graduate of Kentucky Wesley College, Susan has a Bachelor of Arts degree in marketing management. She also attended Fairleigh Dickinson University in Madison and Monmouth University in Long Branch for graduate studies in business, marketing and finance. A consistent top producer in sales combined with her outstanding marketing skills earned Susan membership in the prestigious New Jersey Association of Realtors (NJAR) Distinguished Sales Club. She received that honor for over 20 years of membership in the NJAR Million Dollar Sales Club Circle of Excellence 1992-2008, Who's Who in Real Estate, Member of Luxury Homes, Historic Homes, Residential Specialist, E Pro, Seniors Real Estate Specialist, Relocation Specialist, Acredited Buyer Representative,Recognized By the Board Of Chosen Freeholders for the Development Of Adaptive Use in Preservation of Existing Structures, Acredited Staging Professional, and Various Community Service Awards and recognition. A strong commitment to the community, the public and the real estate industry has seen Susan honored with multiple awards including NJAR Realtor Associate of the Year, NJAR Community Service Award and Westfield Community Service Award. Serving New Jersey in Real Estate and across America

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