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To: xcr600 who wrote (21744)	6/28/1999 12:26:00 AM
From: Gerald Walls	Respond to of 69866

Problem is, if I sold my home for a nice gain, I'd have to buy something else even more outrageously priced. Sort of a catch-22. Not any longer, unless you have a really expensive house. A married couple can now exclude the first $500,000 of profit from the sale of their primary residence (assuming they've lived there three of the past five years) from federal taxes. If your state, like mine, uses the federal adjusted gross income as their starting point then it's free from state tax also. If your home is less than that I don't think that you even have a to file a tax form reporting the sale.