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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: smolejv@gmx.net who wrote (13293)	1/11/2002 11:28:11 AM
From: AC Flyer	Read Replies (1) \| Respond to of 74559

My comments weren't intended as a "mine is bigger than yours" thing. However, on rereading my post, I regret making them because they detract from the factual points I was making. I'd like to recap the third point because it is so significant. Four years ago, Congress changed the tax treatment of capital gains on the sale of a primary residence. Prior to 1997, the entire capital gain on the sale of a primary residence was taxable, though it was deferrable if you bought a more expensive house and also subject to a one time exclusion of $155,000. Now, the entire gain for a married couple up to $500,000 is tax free, and this tax free gain can be repeated every two years. This has totally changed the landscape for residential real estate. I have changed the way I live as a result and no doubt many others are doing the same.