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  Geneva is a far-western suburb of Chicago located in extreme eastern Kane County, Illinois. As of the 2000 census, the city had a total population of 19,515. It is the county seat of Kane County. Geneva is a popular tourist destination with its scenic location along the Fox River and well-known shops and restaurants. Geneva is located along the Union Pacific/West line of the Metra commuter rail system which provides frequent service to downtown Chicago, just 36 miles away. There is an extensive bike trail system in Geneva including portions of the Fox River Trail and the Illinois Prairie Path. Geneva has an active historical society, the Geneva History Center, located in downtown Geneva. Geneva is part of a tri-city area, along with St. Charles and Batavia. The area is currently experiencing a high level of population growth as Chicagoland spreads further and further west. Once known as one of Chicago's furthest west reaching suburbs, Geneva is now becoming more centrally located as further west suburban locales such as La Fox and Elburn quickly develop. However, as the population of Geneva is changing, the town is fully retaining its' class and uniqueness that set it apart from the rest of Chicagoland. The city is home to the Kane County Cougars baseball club of the Midwest League. Every year in the fourth week of June, Geneva celebrates "Swedish Days", a five day long festival. |  | | | Windmill | |
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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 largest home in Hollywood?
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| A |
The largest home in Hollywood is currently "The Manor" at 36,500 square feet, built by T.V. producer Aaron Spelling for $37 million. |
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