In article ,
Han wrote:
Kurt Ullman wrote in news:kurtullman-
:
There is no tax on the increase as long as you take the money and
reinvest in another home within a certain period of time.
That is so old and forgotten that I can't remember when that was phased
out. Now it is 500K more than basis (price paid plus improvements) is tax
free. Real conditions apply, and you better consult qualified tax help.
It was phased out in '97, but since I sold a couple homes prior to
'97, I still have to keep all of the information. You are right, I
forgot about that change because it did not apply to me. Thanks for the
clarification.
--
"Politics should be limited in its scope to war,
protection of property, and the occasional
precautionary beheading of a member of the ruling class."
-P.J. O'Rourke