Real Estate Capital Gains On The Sale Of Your Home

This is a topic I find that many homeowners are confused about.  The law changed in 1997 but many people remember the old law that had a lot of limitations on when you could be exempt from capital gains.   The “new” law, The Taxpayer Relief Act of 1997, allows for an exclusion of up to $250,000 in profit if you are single and $500,000 if married. In order to be eligible you must have lived in your home for two of the last five years. Again it must be your personal residence and can not be an investment property.

I recently came across a very good post on this topic on another blog.  Click here to read the full article.  Feel free to call me with any questions.