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Feature Home - Panoramic Views of the Gulf and Bay

$1,125,000

Photo of 970 Victoria Way, Sanibel, FL, 33957.

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Address: 970 Victoria Way	City/ST: Sanibel, FL	Zip Code: 33957
Location: Victoria Cove / SANIBEL	Property Type: Single Family Home	New or Resale: Resale
Square Footage: 3646	Bedrooms: 3	Bathrooms: 3
MLS# 2801469	Property Tax: 13553

LAZE IN YOUR PRIVATE POOL, CROSS THE STREET AND WALK THE BEACH, BOAT FROM YOUR BACKYARD OR WATCH SUNSETS FROM YOUR SPACIOUS ROOFTOP SUNDECK. ENJOY SANIBEL AND THE ISLANDS FROM THIS ROOMY 3 BEDROOM 3 BATH LAYOUT FEATURING A FORMAL DINING ROOM, ROOFTOP SUNDECK WITH PANORAMIC VIEWS OF THE GULF AND BAY, PRIVATE HEATED POOL WITH SPA, A LARGE LANAI OFF THE LIVING ROOM AND A DEEDED BOAT LIFT. THIS IS THE ONLY VICTORIA COVE HOME WITH AN ELEVATOR, WHICH SERVES THE POOL LEVEL, LIVING LEVEL AND THIRD FLOOR MASTER BEDROOM.

Last Updated: 7/15/2010 12:40:01 PM

Listing Agent and Office: Baker, John R. Wood Island Real Estate

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Real Estate Tips

Tax Considerations >Tax Rewards for Homeowners

The Federal Tax Code has significantly improved the American taxpayer's ability to profit by selling a principal residence. Prior to 1997, homeowners could take advantage of a tax benefit termed the "rollover", which granted exemption from capital gains taxes on the net profit from the sale of a home. Homeowners who used profits to purchase a bigger and better home did not have to pay tax. And homeowners over the age of 55 were given a once-in-a-lifetime exclusion from taxes on profits of up to $125,000 on the sale of their principal residence.

Compare those tax breaks with our current, streamlined and potentially more profitable arrangement that replaced both the rollover and the one-time exemption. If you are a married home-seller filing jointly, you may enjoy up to $500,000 in tax-free home sale profits, provided you have occupied the property as your principal residence during two of the last five years. Taxpayers who file singly get a $250,000 capital gains exclusion. Homeowners are eligible to exclude capital gains on the sale of a principal residence as often as once every two years.

The law allows capital gain exclusions whether you "buy up" to a more expensive home or "buy down" to a less expensive one. The tax-free dollars can be used in any way you want. Consult your tax advisor for detailed advice about your particular circumstance.

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Real Estate Trivia

Q	What trendy and highly unusual hotel must be totally rebuilt every year?
A	Sweden's popular Ice Hotel, which has 60 double rooms, 25 suites and an interior temperature of 20 degrees, starts melting to the ground in May and is rebuilt every winter.
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Kathy and John Petel, REALTOR�, real estate agent and broker for Sanibel Island, Captiva Island and Fort Myers, Florida home listings, property and land for sale - NUMBER1EXPERT

John and Kathy Petel
John R. Wood Realtors Island Real Estate, Inc.
1019 Periwinkle Way
Sanibel, FL 33957
239-472-2411
Fax: 239-472-1898
KathyPetel@NUMBER1EXPERT.com
Offering "the perfect blend of ingredients" for success in the sale and purchase of Southwest Florida real estate.

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