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Loraine Was a Godsend
I would give her a rating of excellent, not only as a realtor, but as a human being in the image of God.
George
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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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What is a "smart home"?
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A "smart home" is equipped with structured home wiring packages that control the home's systems via networked technologies. |
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Covington Real Estate Team
Covington Real Estate
2324 N. Main St.
Belton, TX. 76513
254 939-3800
877 711-3800
Fax: 254 939-3232
Email: covington@number1expert.com
Terri Covington, owner, established Covington Real Estate in 2003 after being a top producer for a franchise office for several years. Realtors affiliated with Covington are involved in the local community, including chambers of commerce, school district committees, local government, churches, and universities. Many of the agents serve in leadership with the Temple-Belton Board of REALTORS and the Texas Association of REALTORS.
Terri shares, "God has blessed me with a wonderful organization of highly ethical and hard working REALTORS. We are like family and work together to get results for our clients."
Being an independent office has afforded Covington clients flexibility in marketing and buying strategies.
"We try to stay fresh in our marketing ideas and up to date with our education and negotiating skills." commented owner, Terri Covington.   
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