Are you looking for homes or investment properties? You can search the entire Multiple Listing Service of Northern Illinois right here. Don't miss our Featured Listings as well. Do you need expert real estate advice? No web site, can take the place of a top Realtor that is experienced in your local area of interest. This site is filled with ways that you can contact us for one-on-one expert advice and help. We are never to busy to answer your questions! That is our job. Please read some Quotes From Our Clients to find out more about our outstanding service! Are you looking for great local real estate information? We've summarized much of what is important about the Chicago, River North, Gold Coast, Lincoln Park, Lakeview, Roscoe Village and Edgewater real estate markets in this site. You can get great information about Schools and Pricing and Appreciation Statistics by property type and area right here! Please contact us with confidence! We guarantee your privacy will be respected. We offer services on this site for free and without obligation. Why? We want to be YOUR Realtor. As your trusted, professional real estate partners, we will help you find the best home in your area within your price range and according to your timeframe. Together, we will market and sell your home for as much as the market will bear, and as quickly as possible. Buying and selling your home is one of the biggest financial events of your life. As top Chicago, River North, Gold Coast, Lincoln Park, Lakeview, Roscoe Village and Edgewater Realtors, we have the experience, integrity, responsiveness and track record you are looking for. Please call Mike now at 773-251-8963 and let us help with your real estate needs! - Mike Frank, GRI & the Mike Frank Team  |
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Tax Considerations >Beneficial Tax Laws American tax law offers a significant capital gains tax exemption that allows taxpaying homeowners to unlock home equity and end the spiraling cycle of "investing up." First-time buyers enjoy expanded rules for Individual Retirement Accounts (IRA) and 401(k) plans, rules that allow penalty-free withdrawals to purchase a home.
Every two years, married sellers of principal residences who file joint federal income tax returns are allowed a $500,000 exclusion ($250,000 for singles) from capital gains tax. For sales that took place after May 6, 2003, the maximum capital gains tax rates for profits above the exclusion dropped from 20% to 15% for higher income taxpayers, and from 10% to 5% for lower income taxpayers.
Homeowners can now consider several new options. People who find themselves at an empty-nester stage (no children at home) in a four or five bedroom home with a large equity have been able to unlock their equity dollars, using the income to help their children buy a first home, take a luxury cruise, remodel the house or purchase a second home for vacation or retirement.
Consult your tax advisor for advice regarding your particular circumstance.
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| Q |
Which metropolitan area in America currently offers the most affordable market in which to buy new homes?
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| A |
The housing market in Youngstown, Warren and Boardman, Ohio is currently the most affordable metro area in the U.S. |
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