Port Aransas TX Real Estate Property & Waterfront Homes | Mustang Island Real Estate Mustang Island Real Estate is located in Port Aransas, Texas (TX) specializing in Real Estate Property, Waterfront Homes and much more! Call us today! Port Aransas, Texas, (TX), Real Estate Property, Waterfront Homes

Betty Turner
403 Blue Heron Drive,
Port Aransas, Tx 78373
Office: (361) 877-1111
Cell: (361) 877-1111
Email: bettyturner@centurytel.net

Helpful Info > Gains on homesteads    
Appreciation on a homestead is not to be feared. Married taxpayers filing jointly can avoid  paying any tax on their principal residence up to $500,000 of gain when they sell their home.The gain exclusion for single taxpayers is $250,000. However, all gain is taxable if the residence was acquired during the previous five years as part of a tax-free-like-kind exchange.

What property qualifies as a Primary Residence? 
There are two tests for this:
1. You must have owned the home for at least two of the last five years ,and

2. Lived in the home as your primary residence for at leas two of the last five years.

Your primary residence need not be a traditional home. It can be a boat, a mobile home, a condominium or even a fractional percentage of an investment property that is used as your primary residence.

Exceptions to the Two Year Requirements:
1. A change in employment, (can be voluntary), or
2. Health, or
3. Circumstances provided for in the regulations.

If you have a home that is your principle residence or a second home on which you stand to make substantial capital gains if you sell, give me  a call and let's explore your options.

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Helpful Information

Calculating Capt'l Gain
Gains on homesteads
Free C.M.A. Request
Shield Profits from RE
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Current Mortgage Rates
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7 Selling Mistakes
About interest rates

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The information listed herein is as accurate as information comes available but no guarantee of its accuracy is made. Prices change and the availabily of property may change from day to day. Nevertheless we do our best to provide you with current, correct information,