Gold Coast, Roscoe Village and Edgewater Illinois real estate listings, home buying, selling and relocation information

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Local Information: Gold Coast, Roscoe Village and Edgewater Illinois home buying, real estate listings, and homes for sale in Cook County, IL

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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 tropical haven is back in vogue, attracting celebrities like Cher, Madonna, and Sylvester Stallone, who have homes here?
A	Made up of 17 islands in Biscayne Bay, Miami Beach is the "American Riviera" and famous for its tropical beauty.
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The Mike Frank Team, REALTORŽ, real estate agents and broker for Gold Coast, Roscoe Village and Edgewater Illinois home listings, property and land for sale - NUMBER1EXPERT(tm)

The Mike Frank Team
Keller Williams Lincoln Park
2106 N. Clark St.
Chicago, IL 60614
Cell: 773-251-8963
Direct: 773-770-7300
Fax: 206 888-2876
Email: mikefrank@kw.com
Mike is a knowledgeable, experienced realtor and consistent top producer who puts the needs of his clients first. During his 10 years of professional experience in the consulting industry prior to obtaining his real estate license, Mike learned how to listen to his clients, quickly identify their main objectives, problems and priorities and deliver solutions that exceeded their expectations. He has been using the same approach successfully with his real estate clients for almost 10 years. Mike utilizes his extensive market knowledge, cutting edge technology, and proven negotiating skills to assist sellers and buyers in obtaining the best possible price and making their transactions smooth and worry free. Mike specializes in helping his clients buy and sell luxury condos, single-family homes, and residential investment properties in Chicago in the River North, Gold Coast, Roscoe Village, Edgewater, Lincoln Park, Lakeview, Lincoln Square, Ravenswood, Bucktown and Uptown areas. He is consistently ranked in the top 5% of all Chicago Realtors. Call Mike now for more information and expect a quick response!

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