Some Seller Tax Breaks

In 1997 sellers got a really big break on capital gains: "the home-sale tax burden eased for millions of residential taxpayers. The rollover or once-in-a-lifetime options were replaced with the current per-sale exclusion amounts." Some people still are not aware of this, however, but remember, if you're single, the capital gains exclusion is $250,000; for married couples, the exclusion is $500,000. This capital gains exclusion applies to principal residences only. And, there is no longer, since 1997, a requirement to buy another property within a certain period of time. Bankrate.com's Capital gains and your home sale explains more, the important thing to remember is always check with your accountant or tax advisor for complete advice!

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