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Killeen, Fort Hood, Harker Heights and Copperas Cove Weather Get Killeen, Fort Hood, Harker Heights and Copperas Cove Weather Reports Here Let’s face it--the phrase “We enjoy four full seasons” is often a euphemism for “Br-r-r-r! It is cold and snowy in the winter.” I don’t know about you, but we can live without that! If I want snow, I will travel to a ski resort! Here in the Killeen, Fort Hood, Harker Heights and Copperas Cove area we are blessed with a climate that is warm enough to enjoy the great outdoors almost year round. Although we do have a winter, it is relatively short and mild. Mostly this area is known for warmth and sun. Feel free to peek at the local forecast via the web site featured on this page. Request our Free Killeen, Fort Hood, Harker Heights and Copperas Cove area Relocation Package. It's packed full of useful and important information. Don't move here without it! Remember: We'll send it to you for free and without obligation. Just fill out the form and we will send it right out...  It's our job to know EVERYTHING about Killeen, Fort Hood, Harker Heights and Copperas Cove! Ask us any question. Or request a FREE information package. There's no obligation, and we promise to get back to you quickly...
Tax Considerations >Your Tax Free Profits
Significant tax reform legislation was signed into law with the Taxpayer Relief Act of 1997. This legislation replaced both the one-time $125,000 tax-free exclusion for homeowners aged 55 and older, and the "rollover" deferment of capital gains tax requiring the purchase of a replacement home of higher or equal cost within two years of the sale of your principal residence.
With this change, a married couple filing their taxes jointly pays capital gains taxes only on that portion of home sales profits that exceeds $500,000. Single taxpayers, heads of households, and married persons filing separately may exclude up to $250,000. The exclusion is available for all sales of homes that occurred on or after May 6, 1997. Homeowners can use this tax-free provision every two years.
You are allowed to keep these tax-free profits only if you have owned and used the home as your principal residence for two out of the five years prior to the sale of the property. Although the regulations do not require continuous occupancy, the IRS specifies that your principal residence must be the home you use for the majority of time during the year. Consult your tax advisor about your personal circumstance.
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| Q |
What famous $40+ million home has a 60-foot pool with underwater music and a 20-car garage?
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| A |
The home of Bill Gates, co-founder of Microsoft, features the latest futuristic computer technology. |
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