About El Paso, Texas Dan Olivas and Associates are happy to offer this guided tour of El Paso. Our city’s rich history and cultural heritage goes back to the time of the ancient Indians and continues in an unending adventure of conquest and settlement. Even the geography of El Paso is worthy of attention. As the southern most tip of the Rocky Mountains, our Franklin Mountains cut through the city and create even smaller communities on each side. It is the Westside, Eastside, Southside and Northeast divisions that create the small town atmosphere within our big city of over 600,000 people. El Paso offers not only beauty and culture, but one priceless commodity that must not be understated: a safe- family oriented community. Our city cherishes its families. We all pitch in to make this a better place in which to live. To that end, we have created one of the safest cities in the United States with populations over 500,000 according to Morgan Quitno of Lawrence, Kansas who did a study of the crime rates of 322 cities that report murder, rape, robbery, aggravated assault, and burglary and auto-theft statistics to the Federal Bureau of Investigation. For more information on this report please visit www.morganquitno.com Quick Bits about El Paso, TX The Spanish originally named the area “Paseo del Norte” or Pass of the North in the late 1500’s. The population of El Paso is approximately 600,000 and Juarez, Mexico, our sister city, has about 1,500,000. El Paso is located in Mountain Standard Time Zone. The average rain fall is 8.81 inches. The Franklin Mountains, which divide the city, are the southern ridge of the Rocky Mountains. El Paso is located in the Chihuahuan Desert, one of the largest desert areas in the world. El Paso is home to Ft Bliss, the largest Air Defense Center in the world. The Mission Churches of Ysleta and Socorro are considered to be the oldest of their kind in the country. Billy the Kid, Pancho Villa and John Wesley Hardin all roamed this area. The oldest road in the United States, the “Camino Real”, or the King’s Highway, leads through El Paso. The Spanish Conquistadors traveled north along this road on their search for gold and land.
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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 |
What is the fastest-growing state in the U.S.?
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| A |
Nevada, for the 19th consecutive year, according to 2005 Census Bureau statistics. |
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