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"You went out of your way to help us…always arranging your schedule to fit ours, bringing paperwork … to my workplace (now that’s dedicated)…”
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Gina Letourneau
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For Home Buyers:
Why Buyers Choose Gina Letourneau - Why homebuyers looking for a real estate agents in the Lewiston, Auburn and Poland area choose Gina Letourneau. Latest Listings - Get Gina Letourneau's latest Lewiston, Auburn and Poland listings of homes for sale first! Find Your Perfect Home - Gina Letourneau will search for your ideal home and email you the newest Lewiston, Auburn and Poland MLS listings of properties in Androscoggin, County ME. First Time Homebuyers - Are you a first time homebuyer in Lewiston, Auburn and Poland, ME? Choose a top real estate agents. Gina Letourneau can guide your home buying search. Mortgage Prequalification - Pre-qualify for a mortgage or loan for your Lewiston, Auburn and Poland house or other real estate or property. Go to Main Sitemap - Main sitemap sections include Find Lewiston, Auburn and Poland Homes, For Home Buyers, For Home Sellers, Lewiston, Auburn and Poland Information, Real Estate Resources, and About Gina Letourneau. 
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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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| Q |
What amenity do 48% of all homes in the new housing market have?
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| A |
48% of all newly-constructed homes now have 2 1/2 baths or more, up from 1985 when only 29% had more than 2 baths.
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