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About Cathy Fifield Team - Information about Cathy Fifield Team of Auburn, Poland and Lewiston, Maine Testimonials - Read what Cathy Fifield Team's clients are saying about the real estate marketing and services provided. Quick Response Guarantee - A quick response to your email request for more Maine home buying & property selling information is guaranteed by Cathy Fifield Team. Privacy Guarantee - This Auburn, Poland and Lewiston real estate web site will respect your privacy, guaranteed by Cathy Fifield Team. No Obligation Guarantee - Cathy Fifield Team's real estate help by email is free & without obligation for Auburn, Poland and Lewiston home owners in Maine. For Real Estate Agents - Let Cathy Fifield Team help you with your professional real estate broker and agent needs in the Auburn, Poland and Lewiston area. About NUMBER1EXPERTS™ - NUMBER1EXPERTS™ are top real estate professionals, find out more. Contact Information - How to contact Cathy Fifield Team. Go to Main Sitemap - Main sitemap sections include Find Auburn, Poland and Lewiston Homes, For Home Buyers, For Home Sellers, Auburn, Poland and Lewiston Information, Real Estate Resources, and About Cathy Fifield Team. 
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Tax Considerations >Taxpayer Relief
Legislation included in the 1997 federal budget made significant changes that improve a homeowner's ability to profit from the sale of real estate.
The capital gains tax exclusions on the sale of a principal residence is just one of several benefits for homeowners. When you sell a home you have owned and use for two of the five years prior to the sale, married couples are allowed to keep up to $500,000 in tax-free profits and taxpayers filing as singles can keep up to $250,000 before paying capital gains tax.
Long-term capital gain is also taxed at lower rates as a result of the Jobs and Growth Tax Relief Reconciliation Act passed in 2003. The maximum capital gains tax rates dropped from 20% to 15% and from 10% to 5%, effective for sales and exchanges taking place on or after May 6, 2003 and through December 31, 2007. In 2008 the 15% rate continues for higher income taxpayers, while the 5% rate for lower income taxpayers drops to 0%, but only for the 2008 tax year. On January 1, 2009, the 10% and 20% rates will be reinstated.
Consult your tax advisor for advice regarding your particular circumstance.
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| Q |
Over what famous building is aircraft forbidden to fly at any time?
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| A |
No aircraft is permitted to fly over the Taj Mahal in India. |
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