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Edisto Beach Home For Rent
Older, 4 bedroom, 2 bath home for rent at Edisto Beach, SC. Beautiful ocean views. 40 steps to the beach.
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Tax Considerations >Beneficial Tax Laws American tax law offers a significant capital gains tax exemption that allows taxpaying homeowners to unlock home equity and end the spiraling cycle of "investing up." First-time buyers enjoy expanded rules for Individual Retirement Accounts (IRA) and 401(k) plans, rules that allow penalty-free withdrawals to purchase a home.
Every two years, married sellers of principal residences who file joint federal income tax returns are allowed a $500,000 exclusion ($250,000 for singles) from capital gains tax. For sales that took place after May 6, 2003, the maximum capital gains tax rates for profits above the exclusion dropped from 20% to 15% for higher income taxpayers, and from 10% to 5% for lower income taxpayers.
Homeowners can now consider several new options. People who find themselves at an empty-nester stage (no children at home) in a four or five bedroom home with a large equity have been able to unlock their equity dollars, using the income to help their children buy a first home, take a luxury cruise, remodel the house or purchase a second home for vacation or retirement.
Consult your tax advisor for advice regarding your particular circumstance.
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| Q |
Which law allows a person to give another individual up to $10,000 a year without any tax consequences?
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| A |
The Federal Gift Tax Law allows both parents to give a child (or anyone) $10,000 each in one year. |
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FEATURED PROPERTY
Beautifully wooded lot #3, Selwood Trace
Selwood Trace, an historically inspired new community designed around the circa 1800 farmstead, Selwood, welcomes you to a very special lifestyle just 5 minutes from the Lake Murray dam and 20 minutes from downtown. Home sites from the mid 40s-high 60s.
Location: 127 Old Selwood Trace Lot 3 Columbia SC
Price:
$69,500
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