Real Estate Information Archive

Home Selling 101: Capital Gains

For those who sold their home this year, it's important to understand how selling your home may impact your tax returns, now that tax season is upon us.  The following information explains how capital gains work for those who have recently sold a home.

If you sell your primary residence, you may be able to exclude up to $250,000 of gain – $500,000 for married couples – from your federal tax return. To claim the exclusion, the IRS says your home must have been owned by you and used as your main home for a period of at least two out of the five years prior to its sale.

There are a few catches: You also must not have excluded gain on another home sold during the two years before the current sale. However, special rules apply for members of the armed, uniformed and foreign services and their families in calculating the 5-year period.

If you do not meet the ownership and use tests, you may use a reduced maximum exclusion amount. But only if you sold your home due to health, a change in place of employment, or unforeseen circumstances.

An extra perk? If you can exclude all the gain from the sale of your home, you do not report it on your federal tax return. If you cannot exclude all the gain, or you choose not to, you must use Schedule D of Form 1040, Capital Gains or Losses, to report the total gain and claim the exclusion you qualify for.

How about for those with more than one home?

You can exclude the gain only from the sale of your main residence. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is usually the one you live in most often.

As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about this important information, and be sure to forward this article on to any friends or family that may be interested as well.

Sincerely,

1706 Eagle Ridge

Welcome to a stunning Stan Mountain custom home overlooking Canyon Trails with a gorgeous salt water pool. Amenities include: soaring ceilings, hardwood floors, gorgeous tile, hand painted 3D stenciled walls, class 5 granite throughout, copper sinks throughout, gourmet kitchen with stainless appliances - 6 burner stove - pot filler, luxurious master bedroom and bathroom, knotty-alder doors, crown moldings, over-sized utility room, stoned gas fireplace, charming study, formal dining, tankless water heater, 2 HVAC units with 4 zones, balcony, and a marvelous view.

Other Amenities Include

• Stunning Stan Mountain Construction
• Charming front door with peep door.
• Stucco/Brick construction and composition roof.
• Charming study located off of front door entry.
• Knotty alder doors throughout.
• Formal dining located off of kitchen and front door entry.
• Soaring ceilings.
• Beautiful hardwoods and tile work.
• Stoned fireplace with gas logs.
• Wonderful built-ins.
• Gourmet kitchen offers 6 burner stove, stainless appliances, double convection ovens, and more.
• Copper sink is anti-bacterial and extremely sturdy.
• Kitchen also offers: pantry, class 5 beautiful granite, island, custom cabinets, pot filler, and more.
• 3D Stenciling on walls.
• Stained crown moldings.
• Isolated master bedroom with access to the backyard and pool.
• Luxurious master bathroom with his/her sinks and magnificent walk in closet.
• Master bathroom offers: copper tub, over-sized tiled shower, granite, and floor heaters. 
• Study nook located upstairs between beds 2 and 3.
• Bedrooms 2-3 share hall bath with tub/shower, custom tile work, and granite.
• All bedrooms have wonderful closet space.
• Balcony off of bedroom 3 offers amazing views overlooking Canyon Trails.
• Over-sized utility room off of garage hallway has sink, ample cabinets, and space for washer/dryer.
• Salt water pool completes the backyard with incredible views.
• Privacy fence and covered patio.
• Backyard does not face west which makes evenings very pleasant.
• Dog run in backyard.
• 2 HVAC Units with 4 Zones.
• Tankless Water Heater.

603 Main St.

Welcome to a fabulously restored property in the heart of Byers, TX. Located on Main Street, this property takes a historical small-town Texas building and turns it into contemporary residential space with 3 bedrooms, 2 baths, and 1-car garage. Fabulous open floor plan with stained concrete flooring, exposed brick walls, and soaring ceilings. Living area consists of living room, dining area, game room area, and contemporary kitchen with stainless steel appliances, Center Island, and oversized pantry. Luxurious master suite has access to the backyard. Master bath has Jacuzzi tub plus walk-in shower with rainfall shower head. Secondary bedrooms are generous in size and share a hall bath with tub/shower combination. Large utility room is off the attached garage. Open backyard with covered area.

3 Blue Sage Ct.

Fabulous Canyon Trails home perched on a quiet cul-de-sac lot with a
pool, 3 car garage, and stunning views. Amenities include: spacious
downstairs living space, 2 fireplaces, isolated master with wonderful
pool and property view, spacious master bathroom with jacuzzi
tub/shower/walk-in closet, formal study off of entry, convenient
downstairs half bath, very open kitchen with breakfast area/ample
storage/granite counter tops, 4 beds upstairs with 2 full baths, and a
fantastic lot with wonderful views of the native wildlife habitat.

Other Features Include:

• Canyon Trails cul-de-sac lot.
• Incredible view of the native habitat.
• Spacious downstairs living space.
• Formal study off of entry.
• 2 fireplaces - 1 in living area and 1 in kitchen.
• Ample storage in kitchen and nice workspace.
• Granite counter tops in kitchen.
• Breakfast area off of the kitchen.
• Large pantry in kitchen.
• Isolated master bedroom offers great view of the pool.
• Master bathroom is over-sized with his/her sinks, jacuzzi tub, shower, and closet.
• Upstairs offers 4 bedrooms or 3 beds plus a game room.
• Beds 2 and 3 share a full bath.
• Bedroom 4 has its own full bath with tub/shower.
• Bedroom 5 or game room has window view and closet storage.
• Utility room with sinks off of garage leads to kitchen.
• Convenient half bath off of kitchen and living area.
• Wonderfully kept backyard with fenced pool.
• 3 car garage and room for additional parking if needed.

• Built by Ed Routon in 1998
• 5.67 Acres
• 4 bedrooms, 3 living areas, 3 car garage.
• Soaring ceilings and crown mouldings.
• Magnificent hardwood floors.
• Fireplace separates both living areas.
• Gourmet kitchen with worlds or storage within Red Oak cabinets.
• SubZero refrigerator and double oven in kitchen.
• Breakfast area off of kitchen.
• Formal dining and study space off of entry.
• Large master bedroom with fireplace and tall ceilings.
• Storm closet in master bathroom.
• Luxurious master bath with his/her space and closets.
• Workout room located off hallway from kitchen.
• Bedrooms 2, 3, and 4 are isolated off of second living area.
• All bedrooms offer wonderful closet/storage space.
• Cedar closet off of 2nd living area.
• Utility room with easy to use space.
• Cellulose foam insulation for the entire home. Very efficient and low utility bills.
• 45 ft X 30 ft shop with 2 levels, concrete floor, insulated walls, and 2-20 power.
• Garage door of shop is 12 ft x 12 ft.
• Dirtbike trail is already in place.
• Incredible gunite pool with electronic cover.
• Stamped concrete in backyard patio and surrounding the pool.
• Storage room and half bath located off of pool for outdoor use.
• Covered patio with speakers for entertaining.
• Control4 Sound System http://www.control4.com/residential/
• 2 water heaters.
• Propane heat.
• Alarm system.
• Holliday ISD.

Ashton Gustafson, a Wichita Falls realtor has been awarded the prestigious Certified Residential Specialists, the largest not-for-profit affiliate of the National Association of Realtors.

14 Park Place Court - Wichita Falls, TX

It is hard to believe, but 2012 has roared in and we are all moving forward into the New Year! I wish you a Happy and prosperous 2012!!!

2012 starts out with a bright spot in the Real Estate market and that is the continuation of historic low mortgage interest rates. 2011 saw rates hit record lows and hold that pattern throughout the year.

 In Freddie Freddie Mac's results of its Primary Mortgage Market Survey®, the average fixed mortgage rates finishing the year near their all-time historic lows helping to keep homebuyer affordability high. Averaging 3.95 percent, the 30-year fixed has been at or below 4.00 percent for the past nine consecutive weeks and only twice in 2011 did it average above 5.00 percent. This has certainly helped the national Real Estate market by making home purchases affordable and helping to make loan qualification a possibility for many who otherwise would be out of the home purchase market.  

Will mortgage rates continue this low level during 2012?  Indications at this time point to a positive "YES"!  This should hold true for no less than the first half of 2012.  With the prediction that homes values will continue their decline in most national markets through 2012, the possibility on home ownership may become even more realistic for many.