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Request My Free Chicago South Suburbs, Homewood and Flossmoor Relocation Package. Request my Free Chicago South Suburbs, Homewood and Flossmoor Relocation Package. It's packed full of useful and important information about the Chicago South Suburbs, Homewood and Flossmoor, Illinois area. Don't move here without it! Are you new to the area? Request my FREE Chicago South Suburbs, Homewood and Flossmoor package of relocation information. It's my job to help! There's no obligation, and I promise to respond quickly... 
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Tax Considerations >Beneficial Tax Laws American tax law offers a significant capital gains tax exemption that allows taxpaying homeowners to unlock home equity and end the spiraling cycle of "investing up." First-time buyers enjoy expanded rules for Individual Retirement Accounts (IRA) and 401(k) plans, rules that allow penalty-free withdrawals to purchase a home.
Every two years, married sellers of principal residences who file joint federal income tax returns are allowed a $500,000 exclusion ($250,000 for singles) from capital gains tax. For sales that took place after May 6, 2003, the maximum capital gains tax rates for profits above the exclusion dropped from 20% to 15% for higher income taxpayers, and from 10% to 5% for lower income taxpayers.
Homeowners can now consider several new options. People who find themselves at an empty-nester stage (no children at home) in a four or five bedroom home with a large equity have been able to unlock their equity dollars, using the income to help their children buy a first home, take a luxury cruise, remodel the house or purchase a second home for vacation or retirement.
Consult your tax advisor for advice regarding your particular circumstance.
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| Q |
What building has the largest windows in the world?
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| A |
The Palace of Industry and Technology in Paris, France has three matching windows, each 715 feet high and 164 feet wide and comprised of multiple panes of glass.
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