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Property Spotlight
1 of 2 photos Placitas For Sale $125,000 0 Beds / 0 Baths
Phenomenal view lot nestled in gated community. Located at end of cul-de-sac for maximum privacy. Overlooks valley, mountains & mesa for a truly unique Land of Enchantment lifestyle...
1 of 8 photos Rio Rancho For Sale $137,000 3 Beds / 2 Baths
Spacious corner lot with home set back on the property gives plenty of room & privacy. Fully landscaped front and back, front yard needs no care as it is beautifully maintained by the HOA...
1 of 0 photos Rio Rancho For Sale $139,900 2 Beds / 1 Baths
You wont find a better buy availabe on the market than this beautiful home in a park-like setting on almost 1/3 acre lot with mountain views and landscaping that will take your breath away!..
1 of 8 photos Albuquerque For Sale $143,900 3 Beds / 2 Baths
Charming and Gracious this Petitte Retreat Offers: Wonderful open floorplan, large living room with cozy fireplace, sunny kitchen with pantry and dining area which opens to rear yard...
1 of 3 photos Placitas For Sale $149,500 0 Beds / 0 Baths
Beautiful views from this Placitas/Sundance Mesa vacant land. Build your dream home. Enjoy sunset, mesa And mountain views. Surrounded by beautiful custom homes...
1 of 6 photos Placitas For Sale $150,000 0 Beds / 0 Baths
Best priced lot in Anasazi Trails and best deal in all of Placitas! Amazing private view lot with mountain and mesa views overlooking the arroyo with EZ access to I-25...
1 of 0 photos Albuquerque For Sale $162,000 3 Beds / 2 Baths
Spacious, light bright two story with master bedroom downstairs for privacy. Large backyard with lovely landscaping. Enjoy this conveniently located terrific neighborhood in a gated community...
1 of 8 photos Rio Rancho For Sale $164,000 3 Beds / 2 Baths
Fantastic 3 BR home on cul de sac lot w/unobstructed views of mnts from living room/front bdrm! Features incl. living area w/vaulted ceilings/frml dining/ceiling fans thruout & ceramic tile/carpet...
1 of 8 photos Albuquerque For Sale $165,000 3 Beds / 2 Baths
Great Sivage single story home on corner cul-de-sac lot in West Pointe Sub at Ventana Ranch. Open, light & bright, versatile floorplan. The dining room could be used as second living area...
1 of 0 photos Albuquerque For Sale $169,900 3 Beds / 2 Baths
Really the best our market has to offer. Priced to sell. True pride of ownership + lots of extras that puts this WAY above the rest. Pitched tile roof, ...
1 of 0 photos Rio Rancho For Sale $169,900 3 Beds / 2 Baths
It doesnt get any better! Incredible curb appeal invites you into this fabulous 3 BR home in Western Hills w/many updates & recent paint. Great kitchen w/breakfast bar & newer appliances...
1 of 8 photos Albuquerque For Sale $175,000 4 Beds / 2 Baths
Wide open spaces! Traditional brick home on 1 acre of property, well situated on a corner lot. Gather at the breakfast bar in your country eat-in kitchen. New countertop in bathroom...
1 of 6 photos Albuquerque For Sale $175,000 3 Beds / 2 Baths
Charming and Gracious this lovely home features: Open spacious rooms, complete kitchen remodel with tons of counter space, gorgeous custom cabinetry and wonderful sunny eating area, large living room, ..
Real Estate Tax Advice in ALBUQUERQUE , New Mexico
You may qualify to exclude from your income all or part
of any gain from the sale of your main home. Your main ALBUQUERQUE home is
the one in which you live most of the time.
Ownership and Use Tests
To claim the exclusion, you must meet the ownership and use tests.
This means that during the 5-year period ending on the date of the sale,
you must have:
Owned the ALBUQUERQUE home for at least 2 years (the ownership test) Lived
in the ALBUQUERQUE home as your main ALBUQUERQUE home for at least 2 years (the
use test) Gain
If you have a gain from the sale of your main home, you may be able
to exclude up to $250,000 of the gain from your income ($500,000 on a
joint return in most cases).
If you can exclude all of the gain, you do not need to report the
sale on your tax return If you have gain that cannot be excluded, it is
taxable. Report it on Schedule D (Form 1040) Loss
You cannot deduct a loss from the sale of your main home.
Worksheets
Worksheets are included in Publication 523, Selling Your Home to help
you figure the:
Adjusted basis of the ALBUQUERQUE home you sold
Gain (or loss) on the sale
Gain that you can exclude
Reporting the Sale
Do not report the sale of your main ALBUQUERQUE home on your tax return
unless you have a gain and at least part of it is taxable. Report any
taxable gain on Schedule D (Form 1040).
More Than One Home
If you have more than one home, you can exclude gain only from the
sale of your main home. You must pay tax on the gain from selling any
other home. If you have two ALBUQUERQUE homes and live in both of them, your
main ALBUQUERQUE home is ordinarily the one you live in most of the time.
Example One:
You own and live in a house in the city. You also own a beach house,
which you use during the summer months. The house in the city is your
main home; the beach house is not.
Example Two:
You own a house, but you live in another house that you rent. The
rented house is your main home.
Business Use or Rental of Home
You may be able to exclude your gain from the sale of a ALBUQUERQUE home
that you have used for business or to produce rental income. But you
must meet the ownership and use tests.
Example:
On May 30, 1997, Amy bought a house. She moved in on that date and
lived in it until May 31, 1999, when she moved out of the house and put
it up for rent. The house was rented from June 1, 1999, to March 31,
2001. Amy moved back into the house on April 1, 2001, and lived there
until she sold it on January 31, 2003. During the 5-year period ending
on the date of the sale (February 1, 1998 - January 31, 2003), Amy owned
and lived in the house for more than 2 years.
Amy can exclude gain up to $250,000. However, she cannot exclude the
part of the gain equal to the depreciation she claimed for renting the
house.
You may qualify to exclude from your income all or part
of any gain from the sale of your main home. Your main ALBUQUERQUE home is
the one in which you live most of the time.
Equal Housing Opportunity