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Politics : Formerly About Advanced Micro Devices

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To: tejek who wrote (172067)	7/20/2003 4:16:05 PM
From: i-node	Read Replies (2) of 1576346

First, Jim McMannis claims there is still another new law which permits you to sell your primary residence every two years and pocket up to 500k of the gain. Is that true? I have not heard of this new law. Yes, it was kind of a rewrite of the old sections 1034 & 121, which provided jointly that you could defer gain on sale of a residence by "rolling it over" into a new, more expensive residence (§1034), then once you were 55 you could make a one-time election to sell your residence with up to $125K in gain going unrecognized (§121). The revised law allowed you do receive 500K tax free regardless of age. It is a tremendous benefit for those who buy a house, live in it a couple years, and sell it and move up. Huge. The old law was, too, in that you could go through your entire life accumulating this wealth, and frankly, could leave it to your kids tax free if you planned it correctly. Maybe such a gain would be restricted to the rich in Arkansas but in CA, just before I left, I sold a house for a lower middle class retired school teacher who was house rich. Her gain was $425k; That's correct -- in CA & NY real estate prices are out of line with most of the rest of the country.

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