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Request information on Westlake. Centrally located to downtown Austin, Westlake has one of the most prestigous school districts in the country. Enjoy boating, golfing, hike and bike trails, and many more outdoor activities. We have useful and important information about Westlake. Move here with confidence with a full understanding of the community and different neighborhoods. Simply fill out the form and we will follow up with you shortly. It's our job to know everything about Westlake! Ask us any questions so you can become educated on the schools and outdoor activities Westlake has to offer. 
Tax Considerations >Taxable Profits
If you are thinking of selling your home and your house has risen in value since you purchased it, or you have accumulated a lot of deferred profit from previous sales, the Taxpayer Relief Act passed in 1997 could be of tremendous value.
Prior to this law, when a homeowner moved to a smaller home, relocated to a less costly area, or made a decision to rent, they were left with unfavorable tax consequences. The old tax law allowed people who sold their homes to defer tax on any profit by buying a replacement home of at least equal value within two years. At age 55, they could permanently escape tax on up to $125,000 of profit, but any profit in excess of that amount was taxable unless a new home was bought.
The good news is that with homes sold after May 6, 1997, homeowners can make as much as $500,000 tax-free profits on the sale of a principal residence for joint filers or $250,000 for single filers. The $500,000 capital gains exclusion removed taxes as a consideration for most home sellers by giving them flexibility to trade up or down. It has also allowed homeowners to preserve the savings value of a home when they sell, provided they use the property as their principal residence for two of the prior five years prior to the sale.
Consult your tax advisor for your particular circumstance.
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| Q |
What is currently the most sought-after amenity in the majority of upscale homes?
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| A |
Technology that "enables" a home with features such as structured integrated wiring and broadband Internet access is the current amenity of choice. |
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Jonathan Creath
Capital City Sotheby's International Realty
13420 Galleria Circle, Suite A-105
Austin, TX 78738
Office: 512-610-3206
Mobile: 512-406-1086
Fax: 512-261-0009
jonathan.creath@sothebysrealty.com
With 37 blessed years of serving our client's needs, we look forward to offering that experience to you. Real Estate is a business of partnership in which our number one focus is partnering with our clients to exceed their desires.
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