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Elizabeth Splitt
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About Elizabeth Splitt:
Meet Elizabeth Splitt - Information about Elizabeth Splitt of Grayslake, Libertyville and Northern Illinois, Illinois Testimonials - Read what Elizabeth Splitt's clients are saying about the real estate marketing and services provided. Quick Response Guarantee - A quick response to your email request for more Illinois home buying & property selling information is guaranteed by Elizabeth Splitt. Privacy Guarantee - This Grayslake, Libertyville and Northern Illinois real estate web site will respect your privacy, guaranteed by Elizabeth Splitt. No Obligation Guarantee - Elizabeth Splitt's real estate help by email is free & without obligation for Grayslake, Libertyville and Northern Illinois home owners in Illinois. For Real Estate Agents - Let Elizabeth Splitt help you with your professional real estate broker and agent needs in the Grayslake, Libertyville and Northern Illinois area. About NUMBER1EXPERTS™ - NUMBER1EXPERTS™ are top real estate professionals, find out more. Contact Information - How to contact Elizabeth Splitt. Go to Main Sitemap - Main sitemap sections include Find Grayslake, Libertyville and Northern Illinois Homes, For Home Buyers, For Home Sellers, Grayslake, Libertyville and Northern Illinois Information, Real Estate Resources, and About Elizabeth Splitt. 
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Tax Considerations >Your Tax Free Profits
Significant tax reform legislation was signed into law with the Taxpayer Relief Act of 1997. This legislation replaced both the one-time $125,000 tax-free exclusion for homeowners aged 55 and older, and the "rollover" deferment of capital gains tax requiring the purchase of a replacement home of higher or equal cost within two years of the sale of your principal residence.
With this change, a married couple filing their taxes jointly pays capital gains taxes only on that portion of home sales profits that exceeds $500,000. Single taxpayers, heads of households, and married persons filing separately may exclude up to $250,000. The exclusion is available for all sales of homes that occurred on or after May 6, 1997. Homeowners can use this tax-free provision every two years.
You are allowed to keep these tax-free profits only if you have owned and used the home as your principal residence for two out of the five years prior to the sale of the property. Although the regulations do not require continuous occupancy, the IRS specifies that your principal residence must be the home you use for the majority of time during the year. Consult your tax advisor about your personal circumstance.
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| Q |
Where are church services held in the water each Sunday during July and August?
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| A |
At Half-Moon Bay, Ontario, worshippers gather in boats facing the natural stone pulpit, and hymnals are passed to the floating congregation by ushers in canoes. |
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