Archive for December, 2007

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A Very Congressional Christmas

December 29, 2007

Congress passed a favorable tax bill just before breaking for the holidays which has generous implications for real estate. A month ago if a couple, filing jointly, sold a principal residence they could exclude up to $500,000 in gain. Single filers could exclude up to $250,000. This is a huge chuck of change and a good reason people who buy homes below market value wait EXACTLY two years to sell them after living there. Heck, I know people who move every two years just to take the un-taxed gain! This was all well and good unless your spouse happen to die.

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