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 Welcome to Fort Bragg, NC, “Home of the Airborne and Special Operations Forces” where you will find the Army's only airborne corps and airborne division. Ft. Bragg features one of the largest military complexes in the world and is located west of Fayetteville, NC. Many of our service men and women are relocating to Fort Bragg and Pope Air Force Base. We would like to assist and honor you by providing information and advice of our local cities and town. Fort Bragg is centrally located around several wonderful areas and neighborhoods, but our area experts can ensure that you find the right home. We want your comfort and happiness to be our responsibility as you protect and serve us on a daily basis. Our relocation packet is packed with valuable information from Fort Bragg and several of their offices. We would like to assist you with your military relocation to Ft. Bragg or Pope Air Force Base. Please visit our military relocation page for valuable information as well. If you would like a relocation packet and some additional information, please feel free to contact us any time and we would be happy to help.
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 celebrity home sold recently for a reported $5.5 million, despite its yellow-and-rust striped paint job?
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| A |
This Hollywood Hills residence was the former home of the popular singer, Madonna.
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 See More Real Estate Trivia > |
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Team Elite Realty.net
Team Elite Realty.net
2653 Hope Mills Road
Fayetteville, NC 28306
Office: (910) 424-1600
Fax: (910) 424-6907
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