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Politics : High Tolerance Plasticity

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To: energyplay who wrote (6982)	8/26/2001 8:25:40 PM
From: Libbyt	Read Replies (2) of 23153

Capital gains taxes on home sales... Don't forget the 500k one time exemption on the sale of your home Just FYI, the above statement no longer applies to home sales. The new exclusion is not limited to one-time usage. "The '97 Tax Act creates a new exclusion rule for sales and exchanges. Now, single taxpayers, regardless of age, can exclude up to $250,000 of gain from the sale of a principal residence ($500,000 for married taxpayers filing jointly). Unlike the old exclusion, the new exclusion is not limited to one-time usage. If certain requirements are met, the new exclusion can be used when a taxpayer sells or exchanges his or her principal residence. Taxpayers can utilize the new exclusion in full once every two years, and the property must have been the taxpayer's principal place of residence for at least 2 out of the 5 preceding years. However, a taxpayer who does not meet these requirements may still be able to use a portion of the exclusion if the sale or exchange is a direct result of: 1) a relocation due to employment, 2) health, or 3) other unforeseen events yet to be defined by the Internal Revenue Service (IRS)." pncbank.com

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