Orcas Island, San Juan County and Shaw Island real estate and homes for sale in Washington, waterfront properties, investment properties - Val and Jim Murrey, REALTORS® Val and Jim Murrey REALTORS(r) for Orcas Island, San Juan County and Shaw Island, Washington real estate, waterfront properties, investment properties - NUMBER1EXPERTS™ Val and Jim Murrey NUMBER1EXPERTS(tm) for Orcas Island, San Juan County and Shaw Island, Washington real estate, waterfront properties, investment properties
   
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Val and Jim Murrey, REALTORŪ, real estate agents and broker for Orcas Island, San Juan County and Shaw Island Washington home listings, property and land for sale - NUMBER1EXPERT(tm)
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Contact Us:
Val and Jim Murrey
Windermere Real Estate / Orcas Island
217 Main Street
Eastsound, WA 98245
Toll-Free Phone:
800-842-5770
Phone:
360-376-8000
Cell:
360-317-7535
Fax:
360-376-5637
Email Us!





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We are very happy and shall enjoy our mountain-top retreat.
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Real Estate Tips
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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Real Estate Trivia
Q 
What 1982 thriller featured a house that was supposedly haunted because it had been built on the site of an ancient burial ground?

A 
Steven Spielberg's "Poltergeist"was filmed in an actual home on Roxbury Street in a normal residential suburb in California's Simi Valley.
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Val and Jim Murrey, REALTORŪ, real estate agents and broker for Orcas Island, San Juan County and Shaw Island Washington home listings, property and land for sale - NUMBER1EXPERT(tm)

Val and Jim Murrey
Windermere Real Estate / Orcas Island

217 Main Street
Eastsound, WA 98245
Phone: 800-842-5770
Phone: 360-376-8000
Cell: 360-317-7535
Fax: 360-376-5637
info@OrcasIslandProperty.com

We provide professional real estate services on Orcas, Shaw and Lopez Islands in the heart of the Pacific Northwest's San Juan Islands. Whether it's a waterfront or view home for retirement, permanent residence, vacation or income property; land on which to build your cottage by the sea; a real estate investment or business opportunity--we can help you find it through our knowledge of and access to all local listings.

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