Home Seller Taxes

The Tax Relief Act of 1997, now in full force, has made selling a home and moving to a new one more financially attractive then ever before.

Under the new law, most home owners can sell their home every two years and pocket up to $250,000 (for single tax filers) or $500,000 (married filing jointly) in profit with no capital gains tax.  The "once in a lifetime" age 55 limit is eliminated, meaning you can repeat those exemptions every two years.

Another change from the previous law allows home owners to scale down their housing without penalty.  No longer do you have to buy a home or equal of greater value than your previous home.

Always check with your tax advisor before making any decision with tax consequences.  Sharon is not a certified tax advisor.