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Tax Considerations >Capital Gains Exemptions

Home sellers are always interested in their tax deduction options. If you recently sold a home without meeting the basic ownership and use criteria for waiving capital gains tax, you might still be able to claim reduced exemptions if you meet certain other criteria.

Homeowners who had to sell because of a change in place of employment can qualify for reduced tax. You must prove that the job change occurred while you owned and used the home as your primary residence, and that your new job is located at least 50 miles farther from your residence than your previous place of employment.

A reduced exclusion from capital gains tax may also be granted for health reasons. If your motivation for selling your house was to obtain diagnosis, treatment or cure for a disease or injury to you or a family member, you can apply for an exclusion. Unforeseen circumstances such as death, unemployment, divorce or natural disasters may also reduce your capital gains tax. Consult a tax professional for advice about your unique 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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John Caussey, REALTORŽ, real estate agent and broker for Wichita Falls, Burkburnett, Iowa Park and Sheppard Air Force Base, Texas home listings, property and land for sale

John Caussey
Strategic Realtors
3800 Call Field Road
Wichita Falls, TX 76308
940-322-8400
Fax: 940-696-9771
strategicrealtors@BestImageAgent.com

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