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Don't Forget To Request A Quick Status Report On Any Homes Or Properties That Interest You!
 It can take days, weeks, or longer for changes to appear on web sites. Don't waste your time with less than current information. Request my free Status Report and find out if the homes you are interested in are still on the market, under contract, in escrow, or if the price has been reduced. The Status Report that you'll receive by email will also include other important information that has been left out or that is available to me through my professional resources, such as how long the property has been on the market, when it was last sold, what it sold for, and more. When you click on any link above, you'll see your chosen site, along with a form at the bottom of your screen. Use this form to request my quick Status Report on any homes or other real estate that interests you. It's free and without obligation. Remember: As a top Chester, Long Valley, Washington and Mendham area Realtor, it's my job to know more about a property than any web site. Make sure you have the most current information!
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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| Q |
What famous $40+ million home has a 60-foot pool with underwater music and a 20-car garage?
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| A |
The home of Bill Gates, co-founder of Microsoft, features the latest futuristic computer technology. |
 See More Real Estate Trivia > |
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Pat Berzanski, ABR, ASP, GRI
Weichert Realtors
142 Main Street
Chester, NJ. 07930
Cell: 973-713-4795
Office: 908-879-7010 ext. 141
Cell: 973-713-4795
Fax: 908-879-2015
Email: patberzanski@optonline.net
email: realtor2@mindspring.com
I am an 20 year veteran in the real estate industry working full time for my clients. My expertise lies in the areas of relocation and residential real estate. I am a member of the Million Dollar Sales Club at the silver level as well as a member of Weichert Realtors President's Club - the top 1% of the company in sales. All my clients are afforded the highest degree of confidentiality in all transactions, and I am available 7 days a week for your convenience. I am looking forward to hearing from you and helping with your real estate needs.    
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