Listing Details: Long Valley, Hackettstown, Mount Olive and Morristown, New Jersey Real Estate Listings & Homes For Sale Provided by Ron Karcich

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New Listing - Neighborhood

$100,000

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Address: 8 3rd Street	City/ST: Budd Lake, NJ	Zip Code: 07828
Location: Budd Lake-Mt. Olive Twp., Morris County	Property Type: Land	New or Resale: Resale
Square Footage: 5000	MLS# 2711178	Property Tax: 154

50x100 Level lot in residential neighborhood. Public sewer available.

Listing Agent and Office: Ronald Karcich, RE/MAX Properties Unlimited

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Morristown Real Estate

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First Time Buyers >Your Principal Residence

The Federal Tax Code allows married taxpayers to exclude from capital gains taxes up to $500,000 in profits from selling a home (singles can exclude $250,000). In order to qualify for this exemption, you must prove that that the home has been your principal residence for at least two out of the last five years. The establishment of the home as a principal residence depends on the facts of each homeowner's circumstance. Here are two cases to consider.

Homeowner A has lived at 25 Pine Drive for 12 years. Although he stays at his vacation cottage in another town for up to three months out of each year (sometimes more), 25 Pine Drive is his principal residence, where he lives most of the time. When he sells the home, Homeowner A (filing as a single individual) can keep up to $250,000 in tax-free profit.

Homeowner B buys 108 Maple Street, intending to live there. He rents it out while waiting to sell his current home, where he has lived for six years. His principal residence sells at the end of two years. Homeowner B moves into his new house, lives there for three months, and then decides to travel. After a six-month trip, he regrets buying 108 Maple Street and sells it. Even though he has owned the house on Maple Street for over two years, it won't qualify as "owner-occupied", because he only lived in it for a few months. Thus Homeowner B is not eligible to claim the tax exemption when he sells the house on Maple Street.

Consult your tax advisor for advice about your particular circumstance.

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Q	What is the world's longest frontier?
A	At 3,987 kilometers (3,987 miles), the border between Canada and the U.S. is the longest in the world.
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Ron Karcich, REALTOR�, real estate agent and broker for Long Valley, Hackettstown, Mount Olive and Morristown, New Jersey home listings, property and land for sale - NUMBER1EXPERT

Ron Karcich
RE/MAX Properties Unlimited
One Madison Ave
Morristown, NJ 07960
Direct: 908-310-6283
Fax: 973-539-6888
RonKarcich@NUMBER1EXPERT.com
Ron Karcich is a knowledgeable, full time agent with 12 years of real estate experience in the areas of sales and management. His strengths lie in negotiation and honesty with his clients. He always puts his clients' best interest above all others.

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