Ringwood:
With mountain views of the New York City Skyline, state forests, eagles and black bears, Ringwood is a favorite haunt of urban commuters. The Ringwood Borough has five lake communities, several leafy subdivisions, a sprawling rural area called Stonetown, and the former mining hamlet of Upper Ringwood. Transportation is excellent, with all-day service to Port Authority in Manhattan (about a 60-minute trip).
 Ringwood boasts over 16,000 acres of nature preserves. Originally founded in 1740 as an iron manufacturing works, Ringwood has proudly provided cannonballs for George Washington's Continental Army, buckshot for the Civil War, and iron for the Brooklyn Bridge. Ringwood is very active in the Arts, with several sponsored art shows, juried photography and art competitions, two active theatre companies, and many sponsored musical events.
The Ringwood Borough is spread across 28 square miles and has a small industrial park and several small shopping areas. Population: 13,504.
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West Milford:
A landscape of more than 40 lakes, ridges and abundant wildlife draw many to West Milford. The township's 80 square miles -including 17,000 acres of protected watershed, open space and state forest - make West Milford the largest municipality in Passaic County. Large-scale development is limited by its vast water resources and protected forests. For those among the town's 28,173 residents who work in New York City, the drive back home can feel like traveling to a different planet.
 Three state parks ring West Milford, providing residents with mountain biking, cross country skiing, hiking, boating, fishing and swimming, with many more outlets for those interested in history, arts, and culture.
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Wanaque:
The residential community of Wanaque, 9.4 square miles in total, is located approximately 30 miles from New York City. Indeed, the New York suburban area is expanding into the northern reaches of Wanaque.
 The majority of the Borough's 10,520 residents are located between the Wanaque Reservoir to the west, and the rolling ridges of the Ramapo Mountains to the east. Less than half of Wanaque is developed.
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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 |
Which house over 100 years old still holds the title as the largest house in the U.S.?
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| A |
The 250-room Biltmore House in Asheville, NC, built 1890-1895 at a cost of $4.4 million, is the largest house in the US. |
 See More Real Estate Trivia > |
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