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Debbie Found Us The Perfect Home!
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Tim and Linda Gardner, Bloomingdale, IL
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About the Chicago Western Suburbs, Rockford and Bloomingdale, Illinois Area Bloomingdale prides itself on being a community where you can still find that "small town feeling" yet have all the conveniences of life in the city! The village has experienced tremendous growth over the last 25 years but close monitoring has helped to insure that the quality of life was not sacrificed as a result of expansion. Located approximately 25 miles west of Chicago, Bloomingdale is conveniently located near the east-west I-290 toll road, as well as I-355 which runs north-south. Commuter rail service is provided by Metra's Milwaukee West and the Union Pacific train lines from stations in nearby Roselle and Glen Ellyn. 
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 Stratford Square Mall, situated at Army Trail Road and Gary Avenue, features over 1.4 million square feet of shopping, including such anchors as Marshal Fields, JC Penny, Kiohl's, Carson Pirie Scott and Burlington Coat Factory. Along the Army Trail Road corridor you will find national retail stores such as Wal-Mart, Target, Toys R Us, and T.J. Maxx, as well as a cinema complex featuring all of Hollywood's latest hits. A great park system, vibrant library, and excellent schools also make Bloomingdale a great place to call home. The village recently purchased a 160-acre golf course with a spectacular new clubhouse offering banquet facilities available for social events and business meetings. Indian Lakes Resort is one of Chicagoland's premier hotel properties and offers two 180-hole golf courses which are open to the public, over three hundred deluxe guest rooms, indoor and outdoor swimming pools, several restaurants and a lounge.
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Eight houses of worship are located within Bloomingdale, with several others in neighboring communities representing most major denominations. With so much to offer, it is no wonder that most Bloomingdale residents find this a great place to live and work. Request my Free Chicago Western Suburbs, Rockford and Bloomingdale Relocation Package. It's packed full of useful and important information about the Chicago Western Suburbs, Rockford and Bloomingdale, Illinois area. Don't move here without it! Remember: I'll send it to you for free and without obligation. Just fill out the form and I will send it right out... It's my job to know EVERYTHING about Chicago Western Suburbs, Rockford and Bloomingdale! Ask me any question. Or request a FREE information package. There's no obligation, and I promise to get back to you quickly...
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First Time Buyers >Your Principal Residence
The Federal Tax Code allows married taxpayers to exclude from capital gains taxes up to $500,000 in profits from selling a home (singles can exclude $250,000). In order to qualify for this exemption, you must prove that that the home has been your principal residence for at least two out of the last five years. The establishment of the home as a principal residence depends on the facts of each homeowner's circumstance. Here are two cases to consider.
Homeowner A has lived at 25 Pine Drive for 12 years. Although he stays at his vacation cottage in another town for up to three months out of each year (sometimes more), 25 Pine Drive is his principal residence, where he lives most of the time. When he sells the home, Homeowner A (filing as a single individual) can keep up to $250,000 in tax-free profit.
Homeowner B buys 108 Maple Street, intending to live there. He rents it out while waiting to sell his current home, where he has lived for six years. His principal residence sells at the end of two years. Homeowner B moves into his new house, lives there for three months, and then decides to travel. After a six-month trip, he regrets buying 108 Maple Street and sells it. Even though he has owned the house on Maple Street for over two years, it won't qualify as "owner-occupied", because he only lived in it for a few months. Thus Homeowner B is not eligible to claim the tax exemption when he sells the house on Maple Street.
Consult your tax advisor for advice about your particular circumstance.
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| Q |
In what area of the United States did the price of existing homes increase most dramatically in 2005?
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| A |
Phoenix, Arizona real estate recorded a 55.2 percent increase in home prices during 2005. |
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