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Pastimes : Let's Talk About Our Feelings!!! -- Ignore unavailable to you. Want to Upgrade?

To: epicure who wrote (66483)	12/13/1999 3:51:00 PM
From: Michael M	Respond to 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

To: epicure who wrote (66483)	12/13/1999 7:05:00 PM
From: Lizzie Tudor	Read Replies (1) \| Respond to of 108807

And how about that huge one time ability to sell a house tax free???? I actually think that one was promoted heavily by Tom Campbell, the congressman from Santa Clara. The rationale is that we need to free up housing and this is the only way to get people that pay no tax to move. I agree with him actually, because I think that one group of people has done enough damage and I'm hoping they'll take their windfall and move out of state. <gg>

To: epicure who wrote (66483)	12/13/1999 10:34:00 PM
From: Ilaine	Respond to of 108807

Internal Revenue Code's been amended. One time exclusion for capital gains at age 55 or above is no more, gone the way of the dodo bird. Can't remember exactly the rules now, it's something like $250,000 per person, or maybe per couple, and you can take it over and over, every three years, that is, as long as the house was your principle place of residence, not a rental or a business or a vacation home. So you can buy a fixer-upper, rehab it, sell it, and buy another, every three years, and keep the gains, untaxed. I may be a little off on the numbers, but that's essentially the way it works.