eal estate is like riding Now you might think that the Las
a roller coaster and in Vegas real estate appreciation
recent years Las Vegas has wouldn’t be that big a deal but
been on the high of that ride. actually it was because the
Las Vegas real estate qualifications for the exemption
appreciation has many owing money of the capital gains weren’t
on their capital gains. Wondering always that easy to meet. Let’s
why capital gains are possible? have a look at those
It’s all in the roller coaster qualifications.
ride.
You had to married to qualify for
In recent years Las Vegas real this new exemption so that left
estate appreciation has been singles struggling with the Las
experienced by many home owners Vegas real estate appreciation.
who had purchased years earlier However the house need only be in
at a substantially lower price one person’s name but they must
and today Las Vegas real estate be able to prove residency
appreciation has caused them to through their tax forms to avoid
ride that roller coaster from the the capital gains of the Las
lowest point to the highest. Vegas real estate appreciation.
The problem was that because this You have to have owned and lived
changing pattern many home owners in the home for two of the five
were seeing significant capital years before you sell the house.
gains on their properties so in The occupancy doesn’t have to be
2003 the IRS changed the rules continuous and it doesn’t have to
changing the principle residence be your principle residence at
tax exemptions from $250,000 to sale time.
$500,000.
So if you lived in it yourself
for one year then rented it for qualifications you might qualify
two years and then lived in it for a partial exemption.
yourself for year five you could
avoid the capital gains from the If you are single, go over the
Las Vegas real estate IRS assigned value, or own
appreciation as long as you only vacation property in the area you
took advantage of this once in 2 will definitely find yourself in
years. a capital gains situation as a
result of the Las Vegas real
Thanks to changes to the IRS estate appreciation.
rules you no longer have to
purchase a replacement home to Recent years have seen Las Vegas
avoid the capital gains caused by real estate appreciation grow at
Las Vegas real estate astounding rates. Make sure you
appreciation. know what you can do to help
reduce the capital gains you
There are however methods used to might be liable for.
ensure it is your principal
residence. Expect the government Copyright © 2007 Joel Teo. All
to want you to have worked, be rights reserved. (You may publish
registered to vote, and even have this article in its entirety with
filed income tax in Las Vegas for the following author's
you to be able to be exempt from information with live links
capital gains as a result of Las only.)
Vegas real estate appreciation.
If you don’t meet the
About the Author:
Joel Teo writes on various financial topics including
Investment Properties in Las Vegas. Learn more about
Investment Properties in Las Vegas in our Real
Read more articles by:
Joel Teo
Article Source: www.iSnare.com 
