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Pastimes : Let's Talk About Our Feelings!!!
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To: epicure who wrote (66483)12/13/1999 3:51:00 PM
From: Michael M   of 108807
 
X, I don't know the number of your sprouts, but let's see if we can find a way to transfer those "nothing" tax exemptions to me. I will take them gladly.

On the one-time tax break for older homeowners -- I think this might have been liberalized by fairly recent legislation. For many years, It allowed a resident homeowner over 55 to exempt, one time, a capital gain of up to $125,000 from sale of a home. This allowed aging people who often want less home to move without getting creamed by the Tax Dude.

The younger crowd that makes a series of moves into more expensive homes is allowed to defer ALL taxes on the gains of the home that is sold. Pretty neat, huh. Don't you wish you could roll all the profits from your ABC into the more promising XYZ without paying ANY taxes?

ALL homeowners get tremendous tax breaks v. renters. Count your blessings.

Mike
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