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<Back to Page			Property 37 of 48 Selections

New Listing - 2 Bed Condo Close to BU

$219,900

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Address: Chester Street	City/ST: Allston, MA	Zip Code: 02134
Location: Chester Street	Property Type: Condo	New or Resale: Resale
Square Footage: 645	Bedrooms: 2	Bathrooms: 1
MLS# 70966147

Modern, architect designed owner-occupied unit located in a sunny elevated first floor building. Sleek interior space with custom built-in cabinetry and workspace. Gleaming hardwood floors through-out. Steps to public transportation, local restaurants and shops. Includes laundry in the basement and an oversized storage unit. Easy on-street parking. Second bedroom currently used as a child's room but could be used as an office/study.

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Tax Considerations >Tax Rewards for Homeowners

The Federal Tax Code has significantly improved the American taxpayer's ability to profit by selling a principal residence. Prior to 1997, homeowners could take advantage of a tax benefit termed the "rollover", which granted exemption from capital gains taxes on the net profit from the sale of a home. Homeowners who used profits to purchase a bigger and better home did not have to pay tax. And homeowners over the age of 55 were given a once-in-a-lifetime exclusion from taxes on profits of up to $125,000 on the sale of their principal residence.

Compare those tax breaks with our current, streamlined and potentially more profitable arrangement that replaced both the rollover and the one-time exemption. If you are a married home-seller filing jointly, you may enjoy up to $500,000 in tax-free home sale profits, provided you have occupied the property as your principal residence during two of the last five years. Taxpayers who file singly get a $250,000 capital gains exclusion. Homeowners are eligible to exclude capital gains on the sale of a principal residence as often as once every two years.

The law allows capital gain exclusions whether you "buy up" to a more expensive home or "buy down" to a less expensive one. The tax-free dollars can be used in any way you want. Consult your tax advisor for detailed advice about your particular circumstance.

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Q	What is a VA home loan?
A	The Office of Veterans Affairs guarantees small or no-down payment mortgage loans made by lenders to U.S. veterans.
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Michael Travers, REALTOR�, real estate agent and broker for Boston, Cambridge, Brookline, Watertown and Brighton, Massachusetts home listings, property and land for sale

Michael Travers
Vanguard Realty
317 Washington St.
Brighton, MA 02135
617-686-3485
Fax: 617-395-5818
michaeltravers@BestImageAgent.com

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