Are you the adventurous type of home buyer who wants to make a profitable purchase? Or are you looking for a near-perfect "model home" acquisition where all you have to do is turn the key in the front door and move in? If you are the adventurous type, as I am, please read on. But if you want to buy a model home in perfect condition and are willing to pay top dollar, you're wasting time reading further. Purchase Bob Bruss reports online. Just a few days ago, I received an e-mail from a homeowner who purchased in December 2002. He spent three months fixing up the home and moved in during March 2003. He reports his home has substantially appreciated in market value, presumably due to the profitable improvements he made. Now he wants to know how soon he can sell and claim his tax-free principal residence sale profits up to $250,000. The answer is he must wait until March 2005 to meet the 24-month ownership and occupancy test of Internal Revenue Code 121. It sounds like that buyer bought a...
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