Lenox, Pittsfield and Dalton Weather Berkshire County is renown for its breathtaking seasons. Summer is gorgeous, perfect temperatures, explosions of green foliage and the lakes come alive with boaters, swimmers and skiers. The fall comes cool and refreshing, bringing spectacular foliage, for which “leaf peepers” come from all over the globe. Winter blusters into the Berkshires, gilding the hills with snow, opening the ski resorts and creating the perfect winter greeting card scene. Spring blooms across the Berkshires like a soft breeze, awakening the sleeping flowers, coaxing the trees to bring out their leaves, and energizing everyone with a renewed spirit. For information on the current weather situation in Berkshire County and the towns herein, click on the following links: It's our job to know EVERYTHING about Lenox, Pittsfield and Dalton! Ask us any question. Or request a FREE information package. There's no obligation, and we promise to get back to you quickly... 
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Tax Considerations >Taxable Profits
If you are thinking of selling your home and your house has risen in value since you purchased it, or you have accumulated a lot of deferred profit from previous sales, the Taxpayer Relief Act passed in 1997 could be of tremendous value.
Prior to this law, when a homeowner moved to a smaller home, relocated to a less costly area, or made a decision to rent, they were left with unfavorable tax consequences. The old tax law allowed people who sold their homes to defer tax on any profit by buying a replacement home of at least equal value within two years. At age 55, they could permanently escape tax on up to $125,000 of profit, but any profit in excess of that amount was taxable unless a new home was bought.
The good news is that with homes sold after May 6, 1997, homeowners can make as much as $500,000 tax-free profits on the sale of a principal residence for joint filers or $250,000 for single filers. The $500,000 capital gains exclusion removed taxes as a consideration for most home sellers by giving them flexibility to trade up or down. It has also allowed homeowners to preserve the savings value of a home when they sell, provided they use the property as their principal residence for two of the prior five years prior to the sale.
Consult your tax advisor for your particular circumstance.
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| Q |
Where will you find the world's largest indoor waterfall?
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| A |
The lobby of the International Center in Detroit, Michigan has a waterfall of 114 feet, backed by 9,000 square feet of marble. |
 See More Real Estate Trivia > |
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