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Long & Foster Real Estate - Avalon, NJ Office

Uncle Sam

Paul Bodo


Long & Foster Real Estate - Avalon, NJ Office
2307 Dune Drive     Avalon, NJ  08202
Office: 609-967-3001


Are you aware of the tax benefits available to you?

Sales of Principal Residence
Tax on the sale of a personal residence up to $500,000 of gain may be tax free. This exclusion is available every two years. After selling your present home, move to the shore, establish residence for two years and exclude up to $500,000 in gain.

Deferral of Income Tax on Like Kind Exchanges
Under certain circumstances, if one investment property is exchanged for another investment property, income taxes may be deferred until the sale of the second property.

Capital Gains - Ownership Period
Effective January 1, 1998, favorable capital gains on tax rates are available for real estate held longer than twelve months. This is a change from the prior rule, which required an eighteen month ownership period.

Defer Income Taxes with an Installment Sale
Holding a mortgage for your Buyer may allow you to defer paying income taxes over the period you receive the payments. This can be especially attractive to a Seller without a mortgage or a very low mortgage. The Seller would receive monthly mortgage payments from the Buyer. Many Sellers prefer this arrangement to provide steady income for retirement with an attractive interest rate.

Contact a professional tax advisor for an analysis of your personal tax situation.