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Specializing in Lake Travis real estate, Lake Austin real estate, Lakeway real estate & golf course communities of Flintrock Falls & The Hills.
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Doug and Mary Land are some of
The Top Selling Real Estate Experts™
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 Welcome to Austin-LakeTeam.com, your portal to Lake Travis waterfront, Lakeway real estate, lake front properties on Lake Austin, homes in golf course communities of Flintrock Falls, The Hills, Falconhead, Spanish Oaks, Steiner Ranch and Barton Creek plus homes in exquisite gated and master planned communities of Seven Oaks, Costa Bella, Vineyard Bay and Lake Pointe. Doug and Mary Land are the owners of Capital City Sotheby's International Realty, the Austin affiliate for the prestigious Sotheby's International Realty brand. Founded in 1976 to provide independent brokerages with a marketing and referral program for real estate listings, the Sotheby's International Realty network aims to connect independent real estate companies to clientele around the world and is known for representing extraordinary properties worldwide in all price ranges. Doug and Mary specialize in the Lake Travis and Lake Austin areas, Lakeway and throughout Austin and the Texas Hill Country. From Austin's luxury homes, farm and ranch properties, Downtown condos, golf course homes and waterfront properties, Doug and Mary have the experience and resources to assist you with your real estate needs. Let the power of global exposure coupled with local knowledge bring the successful results only a Capital City Sotheby's International Realty professional can provide. Please contact us today to receive a current list of properties available for sale in Austin and the coveted Lake and Hill Country Areas. 
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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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