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Politics : High Tolerance Plasticity -- Ignore unavailable to you. Want to Upgrade?

To: Bulls who wrote (7098)	8/27/2001 11:49:21 PM
From: kodiak_bull	Read Replies (1) \| Respond to of 23153

Bulls: There is no gain. As long as you meet certain requirements, you can buy and sell every two years and enjoy the increases ("gain" is such a loaded word) all the way up (and down, the next house you buy doesn't have to be more expensive) the food chain: "All or part of the gain from the sale may be excluded from income if certain ownership and use tests are met. The exclusion is allowed once every two years, and the maximum exclusion is $500,000 for married persons filing a joint return ($250,000 for single taxpayers). Any gain in excess of the exclusion will be taxed at the capital gains tax rates. To be eligible for the exclusion, the seller must have owned and used the home as a principal residence for at least two years (730 days) out of the previous five years." Kb