I have written on this subject a few times and since, beleive it or not, we are getting close to the end of the year, I wanted to post one more time.
If you are single and have earned income of $34,000 or less or married with $68,000 of income you are eligible  for this program and there are no age restrictions.

Many of you have one of the following two scenarios.
You bought your house many years ago for $100,000 and you owe very little on your home but it is worth
$1,500,000. I know it was worth over $2,000,000 a few years ago, but we need to act on todays not yesterdays. As a married couple you have a $500,000 exemption coupled with the $100,000 in cost you will  have a Capital Gain of  $900,000. ($1,500,000 – $500,000 – $100,000 = $900,000)  In previous years and again next year in 2011 you will pay between $135,000 and $180,000, depending on what they decide to tax 15% or 20%. Till the end of 2010 you do not pay any taxes.

The second scenario is pretty much the same but you have a mortgage that will wipe out all income from the sale.
The numbers remain the same but over the years you have refinanced and you now owe $1,500,000. Remember when the market kept going up and as mentioned before your home was worth over $2,000,000. Why not take some of that money out. So you sell your house and you are lucky enough to pay off the mortgage. Now what about the $135,000 to $180,000 that  is due in Capital gains?? Again if you sell this year you pay 0. Wait till next year and you will need to pay this money out of your own pocket.

Are you in this position? know someone who is? It takes time to market and sell your home for top dollar. If you are thinking about this do not wait too long. Call me 310.505.5571 or email to bob_schmalz@wlaregroup.com ,let me evaluate your home and see how the numbers work for you