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Politics : Formerly About Advanced Micro Devices
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To: Jim McMannis who wrote (172073)7/20/2003 10:11:51 PM
From: Alighieri  Read Replies (1) of 1576791
 
RE:"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."

It's true...I have moved three times and done it twice. In my case I did not have to pay gains taxes because the sale was motivated by the job relo, even though in one of the two cases I held the house a mere 10 months and gained 30K in the transaction. Before Clinton's law, I would have to have paid taxes on the cap gain.

PS. My overall tax burden was up for the three years during which this took place, because fed taxes were up overall for people in my income braket.
Al
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