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I Can't Thank You Enough "Thank you so very much Lois for making our dream happen!" Cecile, Paul and Family, Portland, OR Read Quote > View All Quotes >
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Buying Your First Home? You may be eligible for an $8,000 federal tax credit for first-time home buyers! Call Lo at 503-453-3092 for more information. First-time home buyers and those who have not owned a residence in the last 3 years are eligible for up to an $8,000 tax credit. This credit does not require repayment (conditions apply). Full credit is available to individuals with an adjusted gross income of no more than $75,000 or joint filers making no more than $150,000. The credit applies to home purchases closed January 1, 2009 through November 30, 2009. With interest rates at historic lows, a great selection of affordable homes to choose from, and a tax credit for first-time buyers, there has never been a better time to buy! Lenders are already experiencing backlogs due to increased buying and refinancing activity with the lower interest rates we've seen lately. Its suggested that you find your new home by early October to ensure that the loan processing, underwriting, and closing are completed before the deadline. If you're interested in buying a Portland metro area home (Lake Oswego, West Linn, Beaverton, Tualatin, Tigard, Wilsonville, Oregon City, Milwaukie, etc) call Lo at 503-453-3092. She'll help to ease the process for you every step of the way.  You might be a bit afraid or intimidated by the whole process of buying your first home. As a top Portland, Lake Oswego, West Linn real estate expert, it's my job to guide you, from beginning to end. I will take the time to go through each and every step of the buying process. All your questions will be answered. Together, we will consider: - How much can you really afford? - How to qualify for a mortgage. - How much cash you should put down. - How to buy a home with little or nothing down. - What it takes to get approved for financing. What banks and other financial institutions are looking for. - How much your payments will be. - The tax advantages of buying. - Is renting or buying better for you? Tell me a bit about your situation below. I'll get right back to you. There is absolutely no charge, and I offer this to you with no strings attached.  New to the home buying process? Tell me your concerns. Ask me questions. It's my job to help! There's no obligation, and I 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 |
What tropical haven is back in vogue, attracting celebrities like Cher, Madonna, and Sylvester Stallone, who have homes here?
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| A |
Made up of 17 islands in Biscayne Bay, Miami Beach is the "American Riviera" and famous for its tropical beauty. |
See More Real Estate Trivia > |
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Lois Oliver-Miesbach MBA, CPA, Principal RE Broker Real Estate by Lois & Hill 4800 SW Meadows Rd Lake Oswego, OR 97035 Cell/Voice Mail: 503.453.3092 Fax: 888.453.2820 Lois@LoisMiesbach.com
You will find that Lois Oliver-Miesbach's commitment to you and your real estate goals will be performed with knowledge, integrity and dedication. That’s why more than 70% of business is from past clients and referrals! 
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