Here is a brief summary of the new tax laws: An exemption of up to $250,000 of long term
capital gains for principal residence. Couples will get up to a $500,000 exemption. Exempt
amounts are reusable every two years. Maximum tax rate on capital gains over $250,000 will
be reduced from 28% to 20%. The roll over provision is gone and the only provision for the
new law is that one must occupy their principal residence for two years or more.
Penalty-free withdrawals up to $10,000 from existing and newly created "American
Dream" IRA's for the down payment of a first-time home.
Our clients are encouraged to contact a Certified Public Accountant or other tax expert regarding their tax questions.
Home
The Barringer Team sells homes in the
entire central valley including Lathrop
Homes | Manteca Homes | Stockton
Homes | Lodi Homes | Turlock Homes |
Modesto Homes | Oakdale Homes | Ripon
Homes | Salida Homes | Patterson
Homes | Livingston Homes | Galt Homes |
Grayson Homes | Atwater Homes |
Madera Homes | Chowchilla Homes | Fresno
Homes | Mountain House Homes | Tracy
Townhomes | Mountain House
Town homes | Modesto Town homes | Manteca
Town homes | Stockton
Town homes | Tracy condos | Stockton condos
| Modesto condos | Manteca Condos | Tracy
land | Manteca land | Modesto land |
Stockton land.
New Tax Laws
Here is a brief summary of the new tax laws: An exemption of up to $250,000 of long term
capital gains for principal residence. Couples will get up to a $500,000 exemption. Exempt
amounts are reusable every two years. Maximum tax rate on capital gains over $250,000 will
be reduced from 28% to 20%. The roll over provision is gone and the only provision for the
new law is that one must occupy their principal residence for two years or more.
Penalty-free withdrawals up to $10,000 from existing and newly created "American
Dream" IRA's for the down payment of a first-time home.
