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Winnipeg, St. Vital and River Park South Photo Gallery Request our Free Winnipeg, St. Vital and River Park South Relocation Package. It's packed full of useful and important information about the Winnipeg, St. Vital and River Park South, Manitoba area. Don't move here without it! It's our job to know EVERYTHING about Winnipeg, St. Vital and River Park South! Ask us any question. Or request a FREE information package. There's no obligation, and we promise to get back to you quickly... 
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Tax Considerations >Taxpayer Relief
Legislation included in the 1997 federal budget made significant changes that improve a homeowner's ability to profit from the sale of real estate.
The capital gains tax exclusions on the sale of a principal residence is just one of several benefits for homeowners. When you sell a home you have owned and use for two of the five years prior to the sale, married couples are allowed to keep up to $500,000 in tax-free profits and taxpayers filing as singles can keep up to $250,000 before paying capital gains tax.
Long-term capital gain is also taxed at lower rates as a result of the Jobs and Growth Tax Relief Reconciliation Act passed in 2003. The maximum capital gains tax rates dropped from 20% to 15% and from 10% to 5%, effective for sales and exchanges taking place on or after May 6, 2003 and through December 31, 2007. In 2008 the 15% rate continues for higher income taxpayers, while the 5% rate for lower income taxpayers drops to 0%, but only for the 2008 tax year. On January 1, 2009, the 10% and 20% rates will be reinstated.
Consult your tax advisor for advice regarding your particular circumstance.
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| Q |
What two streets near the Los Angeles Beverly Center were named for a famous husband and wife comedy team?
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| A |
George Burns Drive and Gracie Allen Way |
 See More Real Estate Trivia > |
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NUMBER1EXPERT™
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All rights reserved. All information deemed reliable but not guaranteed. |
- NUMBER1EXPERT™ 
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