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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (27078)	3/30/1998 6:27:00 PM
From: Nadine Carroll	Read Replies (1) \| Respond to of 132070

>Nadine, I think you are right, but I believe it can only be used one time. MB No, the previous law had a one-time cap gains exclusion (of $125,000 I think) for sellers 59 and older. The new cap gains exclusion law, which was passed last year in the same tax bill as Roth IRAs, can be used over and over as long as you are selling an owner-occupied house and have lived in the house for at least two years. It should spawn a nice cottage industry of fixing up houses and then selling them.