Tax Incentives for Buyers/Sellers

Capital Gains Tax Incentives for Buyers and Sellers: 

Take advantage of the extraordinary tax incentives offered on property purchased from now until June of 2011

–  No long-term capital gain tax on seller upon sale during the eligible time period

–  50% reduction on long-term capital gain for buyer upon future sale

–  Increase in deductible capital loss amount for individual taxpayers from $1,000 to $5,000; and extended carry forward period from 5 to 15 years

–  50% exemption for seller and purchaser on transfer fees (stamps and vouchers)

–  No stamps and voucher fees on cancellation of mortgage debt

–  Rental income from residential properties is also tax exempt for 10 years