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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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John Beshk, Designated Broker

The Beshk Group, Inc.
1409 W. Crystal Spring Dr.
Gilbert, AZ 85233

Chandler Branch
908 W. Chandler Blvd., Suite 2, Bldg D.
Chandler, AZ 85225

Mesa Branch
1355 N. Greenfield Rd.
Mesa, AZ 85205

Office: 480-214-5347
Direct: 602-309-8888
Fax: 480-302-7921
Email: John@TheBeshkGroup.com

John Beshk has been assisting Arizona home buyers and sellers with their real estate needs since 1992 and has helped hundreds of individuals and families realize their dream of home ownership. Every buyer and seller has different wants and needs, which makes finding an experienced professional like John and The Beshk Group, Inc. a necessity. John and his team of professionals can provide you with the individualized attention and service you deserve.

John is certified by the Arizona Department of Real Estate and Maricopa Community Colleges to provide pre-licensing, appraisal and continuing education instruction for real estate agents and college students. All of his courses are open to the public and available at Mesa Community College.

John earned his Bachelor of Science in Finance from DePaul University and Master of Business Administration from the University of Phoenix. John has resided in the East Valley since 1986 and currently lives in Gilbert with his wife, Mickie.

John is the Designated Broker for The Beshk Group, Inc. a family owned and operated real estate firm that prides itself on creating and maintaining sound relationships with its past, present and future clients.

You can contact John by telephone, email, request information through his website or by appointment at his Gilbert, Chandler or Mesa offices.

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