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Welcome > Local Info > Local Maps & Links ...

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The Best Pflugerville and Austin Web Sites

Local Government:	Business:
Pflugerville Round Rock Austin Georgetown	Pflugerville Chamber of Commerce Round Rock Chamber of Commerce Austin Chamber of Commerce
Newspapers:	Local Guides Online:
Pflugerville Pflugerville Pflag 100 N 3rd St. Pflugerville, Tx 78660-2762 512-251-5574 Round Rock The Round Rock Reader Austin The Austin Chronicle The Austin Review	Pflugerville Round Rock Austin Austin Visitors and Convention Bureau Gaston & Sheehan Auctioneers
Local Weather:	Transportation:
Pflugerville	Capital Metro

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School Reports in Pflugerville, Round Rock, Hutto and Austin, Texas

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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 kind of home construction is considered to be the safest in seismic areas?
A	Straw-bale homes in seismic zones have proven resilient enough to withstand the shock of earthquakes.
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The Michelle Sheehan Team, REALTOR®, real estate agents and broker for Pflugerville, Round Rock, Hutto and Austin, Texas home listings, property and land for sale - NUMBER1EXPERT(tm)

The Michelle Sheehan Team
Gaston & Sheehan Real Estate
1420 HWY 685
Pflugerville, TX. 78660
Phone: 512-989-1054
Fax: 512-989-1094
Email: michellesheehan@NUMBER1EXPERT.com
Born and raised in Austin, Texas no one knows the area better than me!! I am a broker/realtor whose University of Texas marketing background makes me the perfect choice for seller or buyer. Have fun, relax and know you are in the hands of an experienced professional broker/realtor who will guide you through the process of buying or selling your home with YOUR needs as top priority.

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