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Current Selection: All Prices All Types All Locations New Selection Sorted By: Default New Sort
<Back to Page Previous Next Property 40 of 41 Selections
    Feature Home - 235 Richlyn $157,500  Great New Price!  
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Address:   235 Richlyn Dr.    City/ST:   Adrian, MI   Zip Code:   49221  
Location:   Adrian   Property Type:   Single Family Home   New or Resale:   Resale   
Bedrooms:   3   Bathrooms:   3   MLS#   3425367  

All spruced up! New Paint and wall paper has been removed. Take a second look! Well maintained - 2 fireplaces - water front! Vaulted ceilings & skylights in formal living room. 3 Closets in master. Additional bed and bath on lower level. Immaculate, spacious, appliances stay.



Last Updated: 4/21/2010 10:59:08 AM

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Real Estate Tips
Tax Considerations >Your Tax Free Profits

Significant tax reform legislation was signed into law with the Taxpayer Relief Act of 1997. This legislation replaced both the one-time $125,000 tax-free exclusion for homeowners aged 55 and older, and the "rollover" deferment of capital gains tax requiring the purchase of a replacement home of higher or equal cost within two years of the sale of your principal residence.

With this change, a married couple filing their taxes jointly pays capital gains taxes only on that portion of home sales profits that exceeds $500,000. Single taxpayers, heads of households, and married persons filing separately may exclude up to $250,000. The exclusion is available for all sales of homes that occurred on or after May 6, 1997. Homeowners can use this tax-free provision every two years.

You are allowed to keep these tax-free profits only if you have owned and used the home as your principal residence for two out of the five years prior to the sale of the property. Although the regulations do not require continuous occupancy, the IRS specifies that your principal residence must be the home you use for the majority of time during the year. Consult your tax advisor about your personal circumstance.

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Real Estate Trivia
Q 
Where is the world's longest spiral staircase?

A 
The White County Coal Mine in Carmi, Illinois has a spiral staircase that measures 1,103 feet and has 1,520 steps.
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Jeanee Gilson, REALTOR®, real estate agent and broker for Bedford, Blissfield and Irish Hills, Michigan home listings, property and land for sale

Jeanee Gilson
Key Real Estate

146 Drew Avenue
Deerfield, MI 49238
517-447-3094
Fax: 517-447-3548
jeaneegilson@NUMBER1EXPERT.com

More than a home... It's a lifestyle...


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