There are plenty of real estate agents out
there, so what makes Ted so special? For one, he has lived most of his life in
Traverse City and has seen it grow from a little summer resort town to one of
the fastest growing areas in the state of Michigan. Due to his many lifetime
contacts, he is extremely knowledgeable about the ever-changing market, and he
utilizes those contacts to help match the right house together with the right
person. It is important to him to establish relationships based on trust,
honesty, and open communication. Ted is not looking for the quick sale, it is
more important to build lifetime clients. He wants you to have a positive
stress-free experience in your next real estate transaction. After all, you are
going to run into each again and again. This is a growing community, but it is
still a small town!
Here are some of the services they can
provide for you:
- Assistance in finding the right
bank or mortgage company for you.
- Information on schools,
relocation, neighborhoods, and even the best restaurants!
- A free comparative market analysis
to help you determine the market value of your property.
- Honest and sometimes hard-nosed
advice on the value of your sale or purchase. If Ted feels it is not worth
it, he will tell you!
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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 home product makes lawn mowing easier than ever?
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| A |
The Robomow, a robot lawn mower manufactured in the UK by Friendly Machines, can cut 6,000 square yards of lawn all by itself. |
 See More Real Estate Trivia > |
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- NUMBER1EXPERT™ 
