Knoxville Tennessee Real Estate Blog

Beginning January 1st of 2009 the current 2 out of 5 tax rule will change.

Currently if you’ve lived in your Knoxville or Farragut, Tennessee home as your principal residence for any 2, doesn’t have to be consecutive years, just cumulative, of the previous 5 years you can exclude up to $500,000 of gain if married filing jointly and $250,000 if single.

The new rule is that if you used the property first as something other than a principal residence (such as a vacation home or investment), that you must pro-rate the gain so that some is taxable and some is tax free.

If you have a Knox County property that has experienced a gain in value, talk to your CPA before January 2009. There are actions you can take now to preserve the full tax free gain exclusion.

www.KnoxvilleHomeCenter.com is a great place to look for a new home and get valuable buying & selling tips.

This past Saturday, September 27th, was my church’s annual community carnival where we invite all the local folks to come by our church for an exciting and free afternoon of family fun.

This year I believe was our biggest event ever. Everything is FREE! We had a giant blow up slide, moon walk, pony rides, a cake walk, bingo, games, door prizes, and the Knox County Sheriff’s Department joined in by landing one of their helicopters in the back yard along with the bomb squads robot. We served 600 hot dogs,  and countless numbers of soft drinks, roasted peanuts, popcorn and cotton candy along with other treats.

I’m co-chairman of our kitchen committee so I was pretty busy all afternoon fixing hot dogs but the times I went out for a break and to see what was going on outside it looked like a pretty huge crowd. I’m not too good at estimating crowd sizes but I would guess there were well over a thousand people in attendance.

This is the Knox County Sheriff’s Department bomb squad robot who investigates suspicious packages and suspected bomb threats. Thank goodness he doesn’t get much use. Good to know he’s available when needed though.

These are the lines for cotton candy, soft drinks, and popcorn; they stayed very busy all afternoon.

Our church does this free annual event as part of our community outreach ministry.

Any newcomers to the Knoxville/Powell area are invited to visit with us for worship services and we would love to talk with you about becoming a member and joining our church family.

You’ll find Beaver Creek a warm, friendly church whose mission is to:

• Glorify God in word and deed
• Witness near and far to God’s love in Jesus Christ
• Lead others to faith in Jesus Christ and discipleship in the church
• Help one another grow in faith and experience Christian fellowship
• Support one another in the stages of life
• Cooperate with others in common concerns

God bless.