brucethebroker
Thinks s/he gets paid by the post
Most readers here know this, but I have met two retirees recently who were not aware of the tax free proceeds available from selling your personal residence. Both thought the pre-1997 rules (must buy a new, more expensive home to "roll over" the capital gains), was still in effect.
You no longer have to buy a replacement home for tax free benefits.
The current "rules" (in a nutshell) are that the home must have been your personal residence for 2 of the last 5 years, and the tax free gains are capped at $250k for singles and $500k for married couples. The following link is a concise explanation, and also covers some little known exceptions.
www.nolo.com/legal-encyclopedia/avoid-capital-gains-tax-selling-home-29901.html
You no longer have to buy a replacement home for tax free benefits.
The current "rules" (in a nutshell) are that the home must have been your personal residence for 2 of the last 5 years, and the tax free gains are capped at $250k for singles and $500k for married couples. The following link is a concise explanation, and also covers some little known exceptions.
www.nolo.com/legal-encyclopedia/avoid-capital-gains-tax-selling-home-29901.html