Homesick blues

Wednesday April 12 by Claudia bournecnnfn
Before the 1997 tax law, you could defer the tax on a home-sale profit if you bought a more expensive home. No more. Under the current law, if you and your spouse file jointly, you can escape tax on up to $500,000 of profit when you sell your main home IF you owned and lived in it for at least two of the five years before the sale. (For single taxpayers, the exemption is $250,000.)

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